Economics without jargon

Economics is something everyone can and should understand.

Meet our GWM Chief Economist, Paul Donovan

I am the Chief Economist of UBS Global Wealth Management. I believe passionately that economics is something everyone can and should understand. We all make economic decisions all of the time. The problem is that economists tend to wrap economics in jargon and equations. We do not need to do that. It is my job to help people realise what they probably already know – by developing and explaining the UBS economic view in a clear way. To do this, I publish research (most of which you can find here), make short videos, and appear in various print and broadcast media.

I tend to think of myself as a political economist, not a mathematical economist. I get very excited about lots of things in economics. Diversity, inflation, education, trade, inequality, sustainability and social change are some of the topics I am very enthusiastic about (to the point of writing books about them).

I joined UBS back in 1992 as an intern economist working in our investment bank. Decades later, I am still working as an economist at UBS. That probably says something about me, being an economist, working for UBS, or all three. As Chief Economist I sit on the Global Investment Committee. I am a UBS Opinion Leader, a member of UBS Pride, and (no doubt to the astonishment of my former art teacher at school) a member of the UBS Art Board. I am also part of the UBS Nobel Perspectives program, and a supporter of the UBS Women in Economics program.

I have an MA in Philosophy, Politics and Economics from Oxford University and an MSc in Financial Economics from the University of London. I am also an Honorary Fellow of St Anne’s College, Oxford and sit on their investment committee and development board. In my spare time, I am an amateur heavyweight boxer (prepared to defend my forecasts in the ring), a keen if very definitely amateur skier and a small scale farmer with apples, pears, and sheep.

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Video library

Diversity & inclusion in conversation

Paul Donovan and Dr. Vivenne Ming discuss the impact of diversity and inclusion on the modern workplace.

Investing in equality: A collection of LGBTQ+ research

Explore the breadth and depth of LGBTQ+ research from CIO

Discover the Chief Economist's comment

Occasional articles answering some of the important economic questions of today.

25 April 2022 Why will inflation fall?

Inflation has been unusually high - but these are unusual times. Discover the three reasons why inflation is almost certain to fall in the second half of 2022.

6 April 2022 Price inflation or demand deflation?

Commodity prices are rising. This means price inflation and growth deflation. Which one do central banks worry about?

4 March 2022 How hard will agricultural commodities hit developed economy consumers?

War has caused agricultural commodity prices to rise sharply. Does this have any impact on developed economies' food price inflation? And what might it mean for goods demand at a time of record goods supply?

15 October 2021 Will spare capacity swamp supply chains?

Demand for durable consumer goods is unusually strong at the moment. Demand has overwhelmed supply, even though supply of goods is at record levels.

17 August 2021 Will tomato ketchup kill inflation?

As the global economy has become more complicated, investors tend to focus on the visible and the simple. But important explanations often lie behind the scenes.

22 March 2021 Have we finished with cash?

Cash use keeps falling. The pandemic is likely to hasten the decline. Central banks need to think about alternatives to physical cash if they want to keep issuing money.


Interested in more insights?

UBS Nobel Perspectives: Answering questions that will shape tomorrow

Groundbreaking insights from Economic laureates.

Women in Economics 

Women in Economics is an expansion of our ongoing Nobel Perspectives program, with the aim to focus on economists who are in the middle of their careers, but have already made a major impact in their fields.