| |
| | |  Advertisement | | |
| |
October 29, 2007 14:48 IST
The world's biggest industrial conglomerate General Electric is undeterred by a slowdown in the US economy as the group expects any weakness in the home market to be offset by fast growing sales in countries like India and China.
"The fastest growing countries for us are the emerging economies including China, India, Russia and Latin America. In these regions, we have annual revenues of about $32 billion and the figure is growing at around 20 per cent a year," GE Chairman and Chief Executive Jeffrey Immelt told Financial Times in an interview.
Unfazed by the weakness triggered by the subprime credit crisis, Immelt said: "outside the US, particularly in China and India, economies appear strong.. In the world as a whole, there is still a lot of liquidity."
"Taking into account the emerging economies and also the more mature markets outside the US, I can see our sales expanding outside North America for the next few years by 10-15 per cent a year. In the US, sales growth will inevitably be lower. This year, we will probably expand our revenues in the US by 6-7 per cent," he added.
Further, Immelt said even after assuming that the US economy would slow down, demand for infrastructure-related items such as medical scanners and power systems would stay quite high. "If you consider the problems in the credit markets, they will not have an impact on the vast majority of GE's business," he told Financial Times.
© Copyright 2007 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
|
| |
Email this Article 
Print this Article