By Kevin McCauley
WPP CEO Martin Sorrell told Britain’s Sunday Telegraph that it’s wrong to “under-estimate” the chances of the U.S. avoiding a recession.
“It is a bit like coming off drugs, you have to go cold turkey. It looks pretty gloomy at the macro-level, it is uncertain with lots of storm clouds. America is still growing more than we thought it was going to grow post-Lehman but it is not growing as fast as it was before,” he said.
Sorrell though sees a big disconnect between tumbling stock markets and the state of the world’s economy.
He remains bullish on prospects in the BRIC countries of Brazil, Russia, India and China and the “Next 11” economies as multinationals invest more in the developing world rather than the U.S. and western Europe.
Sorrell told the Telegraph that WPP is performing strongly as cautious companies spend to build brands and shore up marketing positions.
The ad/PR firm will release its first-half numbers this week.
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