28 February 2013 23:19 [Source: ICIS news]
LONDON (ICIS)—Several of the most important end markets for the chemicals industry are likely to expand by a global average of 4% in 2013, Germany-based chemicals company Bayer said on Thursday.
According to company CEO Marijn Dekkers, many of the key customer markets for subsidiary Bayer MaterialScience, such as the construction, electronics and automotive sectors, are expected to grow by around that figure overall this year.
Dekkers also predicted Chinese GDP growth of nearly 8% this year, in line with forecasts made by Kurt Bock, CEO of fellow German chemicals giant BASF, earlier this week. Bayer forecasts North American economic growth of slightly under 2% this year, while the global economy is expected to expand by 2.5%
The company predicts that European GDP growth will be flat in 2013. The European Forecasting Research Association for the Macro-Economy (Euroframe) has predicted that eurozone GDP is likely to contract by 0.3% this year.
Dekkers said: “Among the main factors hampering growth are again the economic crisis in Europe, where we do not foresee any overall growth, and the high levels of public debt in some industrialised countries, especially the United States.”
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