Friday, 27 November 2009
BHP Billiton boss Marius Kloppers did not dwell for long at his company’s annual meeting this week on the prospects for the year ahead but he did strike a cautionary note. “We continue to believe,” he said, “that we will come out of this recession less strongly than in previous cycles.” With United States having the previous day revised down from 3.5% to 2.8% the official estimate of third quarter GDP growth it is easy to understand why. There’s not much of a recovery in that number and every likelihood that next year growth will decline again now that inventories have been restocked. Without a growing USA, and thus limited export growth, the Chinese will have trouble sustaining their own recently improved growth rate.
Posted by Richard Farmer at 19:46