Banking & finance

ICC/Ifo survey in TV spotlight

  • 27 November 2007

ICC Secretary General Guy Sebban discussed the third quarter findings of the ICC/Ifo World Economic Survey in two appearances last week on Bloomberg Television.

The ICC/Ifo report, which was based on a survey of 1 020 economic experts in 90 countries, said the global economy would lose momentum in the last quarter of the year in all major regions, as predictions for the existing quarter and the coming six months were significantly revised downwards.

The report maintained that despite a short-term slowdown in growth, the long-term outlook for the global economy remained good.

Responding to questions about rising inflation, a falling US dollar and oil prices, Mr Sebban said that many companies – particularly in the strong euro zone – were suffering from a decrease in competitiveness in the global market.

Asked about the demand from emerging markets for euro area goods, Mr Sebban said: “I think the demand will grow, but probably at a slower pace than in the past. An economy like China’s, for instance, which has demonstrated its ability to supply the world with all kinds of goods, will still grow – but probably not at the same speed as we have seen recently.”

Mr Sebban’s interviews were aired on Bloomberg UK and Bloomberg France Television on 22 November. The interview on the French language channel was replayed throughout the day.

Bloomberg Television operates 24 hours a day and reaches over 40 million households across Europe.