Dow CEO says US not in recession - report

23 January 2008 19:30  [Source: ICIS news]

HOUSTON (ICIS news)--The US economy is not in a recession, but it will slow down this year compared with 2007, Dow Chemical CEO Andrew Liveris said on Wednesday, according to a media report.

In a news wire report by Reuters from the World Economic Forum in Davos, Switzerland, Liveris was quoted to have said that the US economic slowdown is a “soft landing” from 2007 and that the widespread erosion of mortgage guarantees that has weakened the financial sector, and the broader economy could abate later this year.

Liveris said Dow, since mid-2007, had been experiencing weaker demand. However, the situation had worsened dramatically recently, according to the report

"It's no more acute now than it was a few months ago. Therefore, the first half (of 2008) I think will be a continuation of this, which suggests that the overall year will be a slower year than last year - there's no question about that," he said, according to the report.

By: John Waggoner
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