Tags: Liveris | slow | growth | world

Dow Chemical CEO: 'We're Living in Slow Growth World'

By    |   Wednesday, 23 July 2014 07:27 PM

Many economists have cut their forecasts for global growth in recent weeks, and Dow Chemical CEO Andrew Liveris shares their pessimism.

"We're living in a slow-growth world," he told CNBC.

The economy was in a bubble prior to the 2008 financial crisis, Liveris said. "This 5 percent world economy, I think, is very much in the past. If we've got a 3 percent, 3.5 percent world economy, we'll all be very happy."

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But even that's a question mark, he said: "We don't tend to have that. We have this very uneven global economy. This post-2008-2009 period: for a couple of years we had a head-fake that the growth might have returned, but it didn't."

In June the World Bank cut its global growth forecast to 2.8 percent for this year, down from its 3.2 percent estimate in January.

"The United States is the economy I feel best about," Liveris said. "But still 1.5, 2, 2.5 percent — it's still not strong enough for all of us."

Most Fed policymakers predicted growth of 2.1 to 2.3 percent in 2014 at their meeting last month, down from 2.8 to 3 percent in March.

But Komal Sri-Kumar, president of Sri-Kumar Global Strategies, predicts growth of 1 to 1.5 percent.

"The Fed has been consistently wrong since 2009," when the economy began its recovery from the recession, he told Yahoo. "You want to listen to them because that is what they are going to anchor their monetary policy to, but then you know that they are not going to be correct."

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Many economists have cut their forecasts for global growth in recent weeks, and Dow Chemical CEO Andrew Liveris shares their pessimism. "We're living in a slow-growth world," he told CNBC.
Liveris, slow, growth, world
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2014-27-23
Wednesday, 23 July 2014 07:27 PM
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