Recoveries Elsewhere, the Siemens View

By October 12, 2009Economy, Infrastructure

From BusinessWeek, via Der Spiegel, an interview with Siemens CEO Peter Löscher, “‘The Global Economy Has Certainly Bottomed’“:

Löscher: The global economy has certainly bottomed, and we have some encouraging signs. We see a distinct growth pattern around the world; very solid growth in China, India, Brazil, and in parts of the Middle East.

Bartiromo: Which are the strongest areas, and is China’s recovery for real?

LÖSCHER:China was extremely effective in how it implemented its stimulus program. We see very solid growth in infrastructure development-energy, energy transmission, and the whole rail modernization program. We also see growth in the Middle East, in countries like Abu Dhabi and Qatar.

Bartiromo: How does Europe look to you?

Löscher: There are difficult market environments in the UK and Spain. There is a very difficult environment in the eastern bloc of Europe which is still impacted by limited credit facilities. I think we are seeing the first positive signs coming out of Germany.

Leave a Reply