El Erian: Investors need the U.S. to be the world’s growth engine. That’s a tall order.

“Optimism is fine, but pay attention to economic headwinds and risks.”What happens in the United States does not stay in the United States. The global economy depends on America to act as a main engine of growth, and global financial markets depend on U.S. investors’ outsize appetite for risk. This became particularly evident in 2023 when major economies like Japan and the United Kingdom slipped into recession, Germany narrowly avoided one, and China grappled with obstacle