Global GDP Worse Than Official Forecasts Show, Maersk CEO Says

[Purveyor]

By Christian Wienberg
November 8, 2015 — 6:00 AM EST

* IMF too optimistic as trade indicates less growth, CEO says
* World's biggest shipping line is bellwether for global trade

The world’s economy is growing at a slower pace than the International Monetary Fund and other large forecasters are predicting.

That’s according to Nils Smedegaard Andersen, chief executive officer at A.P. Moeller-Maersk. His company, owner of the world’s biggest shipping line, is a bellwether for global trade, handling about 15 percent of all consumer goods transported by sea.

“We believe that global growth is slowing down,” he said in a phone interview. “Trade is currently significantly weaker than it normally would be under the growth forecasts we see.”

The IMF on Oct. 6 lowered its 2015 global gross domestic product forecast to 3.1 percent from 3.3 percent previously, citing a slowdown in emerging markets driven by weak commodity prices. The Washington-based group also cut its 2016 forecast to 3.6 percent from 3.8 percent. But even the revised forecasts may be too optimistic, according to Andersen.

more...

http://www.bloomberg.com/news/articles/2015-11-08/global-gdp-worse-than-official-forecasts-show-maersk-ceo-says

[zalinda]

1. Of course it is

people don't have the money. If you have money, you spend it wisely. If you don't have the money, you don't spend it at all.

What the CEO's and billionaires forgot when they started greedily collecting as much money as they can, is that when only a few people have money, the vast, vast amount of people around the world don't have money and trade is significantly weaker. These are really stupid people.

Z