US investment firm Blackstone’s executive vice-chair Tony James said that companies and investors could suffer a “lost decade” for equity returns as governments around the world grapple with the economic fallout from the first wave of the Covid-19 pandemic.

“All of that will be economic headwinds for companies,” said James, referring to higher taxes, an increase in operating costs, less efficient supply chains and “deglobalisation” that will hurt productivity following the spread of the virus and governments’ measures to contain it. James was speaking to CNBC at the virtual Singapore Summit on 16 September.