28 March 2011 05:41 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--As the world enters into an economic “super cycle” and as more people enter the middle class, the chemicals industry will be needed to meet their demands, a company executive said on Sunday.
Celanese CEO David Weidman, speaking at the International Petrochemical Conference (IPC), said that the world is on the brink of a 30-year super cycle as the middle class grows in countries such as China and Brazil.
According to some forecasts, by 2050, China’s GDP will reach $70 trillion (€50 trillion), nearly twice of US GDP forecasts, Weidman said.
He noted the rapidly rising economies of the BRIC countries (Brazil, Russia, India and China) and the growing “huge amount of middle class purchasing power” in these countries.
“It is clear where the growth is coming from," Weidman said at the IPC’s Symposium on Entrepreneurship and Innovation in the Petrochemical Industry.
“The companies positioned to take advantage of that growth will do well.”
He predicted that the chemical industry would experience a time of prosperity “as the middle class of the world increases”.
($1 = €0.71)
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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