Will emerging markets drive worldwide economic recovery?
Paul Polman, the chief executive of consumer goods giant Unilever, has today suggested that consumer spending in Europe and the US will not recover for at least five years. He believes that future growth for his own company will come from emerging markets around the world with Europe and the US struggling to pull away from the after effects of the credit crunch and the worldwide recession.
While this is the first time that a chief executive of a major consumer brand company has gone public on views regarding consumer spending in Europe and the US, it is what many people are already thinking. After recent pickups in GDP in both the US and Europe there is now major concern about the short to medium term direction of these economies. When you consider the breadth of products and services which Unilever offers to the consumer market this is a company which most certainly has its finger on the pulse.
On this basis you could argue about the current ratings on a number of European and worldwide conglomerates on the UK, European and US stock markets. However, it does take a number of different opinions to make a market and that expressed by Unilever this week is only one of many.
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