That’ the assessment from the chief executive of Morgan Stanley in an interview on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland, on Thursday.

The remarks come amid growing worries over the economic impact of a partial shutdown that is in its 34th day and shows no sign of resolution amid a battle between President Donald Trump and congressional Democrats over the White House’s demand for funding of a wall on the southern border. While past government shutdowns have been short-lived and accounted for little in the way of economic damage, the record length of the present impasse has economists — including those at the White House — penciling in the potential for a significant slowing of first-quarter growth.

Stocks have held up amid the drama, with the S&P 500 SPX, -1.11% up by around 14% since the shutdown began, though analysts have warned that fears over the economic impact could soon prove to be a weight on a market already concerned about global economic headwinds.

Gorman continued in his interview with CNBC: “Firstly, at a human level, you’ve got 800,000 families affected by this. This is just not, this is not the way the U.S. should be working. And I truly hope the leadership of both sides come to some way of resolving what seems to be a relatively straightforward problem.

“You know, so, if it goes, you know, through months of this year it’s going to have an extremely damaging effect,” he said.

Read:Commerce’s Ross says unpaid federal workers should take out loans during shutdown

More broadly, Gorman said the prevailing mood amid the executives, celebrities and government officials gathered in Davos was “uncertainty,” particularly after a tough December for global stock markets.

“We’ve just come off a terrible December in the markets, so everybody’s skittish. You talk to enough people and you express your skittishness, and it echoes and it just keeps compounding. By the third day, everybody’s a little depressed,” he said, adding that he sees those fears as overblown as “we’re not living in a depressing economic world at the moment.”

Read:Maybe investors should take Davos doom and gloom as good sign, says Guggenheim’s Minerd

As for the global picture, Gorman pointed to a strong U.S. jobs report for December that showed the creation of more than 300,000 jobs, while the unemployment rate ticked up, showing people were coming back into the labor market. And while China’s economy is slowing, it still grew more than 6% in 2018.

“Global economy is still relatively strong,” he said. “The political whatever is relatively weak.”