This Is Jack Welch's No. 1 Frustration

Jack Welch, the famed former CEO of General Electric Company GE was a guest on CNBC's "Squawk Box" to discuss his outlook for the global economy.

Welch started the conversation by stating that his "number one frustration" stems from the lack of global economic growth. He suggested that the we are in a "habitualized, low growth environment" and this is apparent through his work as a senior advisor to the private equity firm Clayton Dubilier & Rice.

"The words I get now are - it's a little better than last year, orders are up 2 percent... 1.5 percent... 2.5 percent," Welch recalled conversations with CEOs the private equity fund works with. "Most of these guys haven't been CEOs in good times so they habitualize to this sort of satisfied with low growth."

Welch continued that the only sector that is seeing momentum involves internet related companies. He pointed out that one of the companies which the private equity firm owns a stake in constructs low-rise buildings for warehousing or data servers - and their business is "booming."

"That sort of business is going very nicely," Welch concluded. "But the idea of industrial America - it is brutal out there."