One of Europe's leading industrialists damped hopes of a quick economic recovery yesterday when he warned of persistent overcapacities and at least two years of flagging growth in developed countries.
Jürgen Hambrecht, chief executive of BASF, the world's largest chemicals group by revenues and a bellwether for a broad range of industries, said economic growth in Europe this year was likely to be slow and unsteady and “may hold unforeseen surprises”.
He added that growth on the continent would not come back to 2008 levels before 2012. His comments followed disappointing business sentiment data in the US and Europe.
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