Economist identifies hazards, opportunities for manufacturing, engineering
|MAPI expects good economic news for manufacturers in 2010, with a turnaround in many areas later in 2009.|
Though growth for some regions of the world won’t resume until later this year or next, opportunities do exist now. Inherently unstable financial systems have produced about 30 crises since WWII, and in this crisis, many people are holding their collective breath, said Cliff Waldman, global economist, Manufacturers Alliance/MAPI at the 2009 CIP Networks Conference & 13th Annual Meeting.
Among Waldman’s observations:
Globally, third and fourth quarter 2009 growth will return to many industrialized and developing countries, with additional modest growth through 2010. Individual countries’ recoveries and growth will vary. Industrialized countries will see less than 2% growth through 2010, and developing countries will exceed 3% by 2Q10.
China gross domestic product (GDP), nearly 13% in 2007, will fall below 10% in 2009, and exceed 10% in 2010.
India’s growth has fallen below 8%. Europe and East Asia will grow in 2010. Mexico growth is slowed with drug-related gang violence. Brazil manufacturing declined slightly in the last months of 2008 and will grow in 2009–10.