31 October 2011 12:36 [Source: ICIS news]
LONDON (ICIS)--The global chemical industry cannot rely on strongly growing Asian economies to compensate for lacklustre growth in the west, a senior consultant said on Monday.
Per-capita GDP is so low in countries such as ?xml:namespace>
He said: “When people talk about middle income in
Hodges believes people are wrong to rely on the emerging middle class in Asia to make up for stagnant growth in western economies: “People are moving out of poverty and into middle income but it’s not going to be a market for flat-screen TVs and the sorts of things we buy in the west, because our GDP is 10 times greater.”
He highlighted the market in
He added: “People say to themselves that there is slower growth in developed economies but it doesn’t matter because there are so many middle classes in
The latest chapter of Boom, Gloom and the New Normal – How Western Baby Boomers are Changing Global Chemical Demand Patterns, Again is now available for free download at www.icis.com/NewNormaleBook. It is co-authored by Paul Hodges, chairman of International eChem, who writes the ICIS Chemicals and the Economy blog, and John Richardson, director, ICIS training
ICIS and International eChem have also launched a training course, aimed at helping companies to become a winner in the New Normal. Visit www.icis.com/NewNormalSeminars
($1 = €0.71)
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