Gates sees no economic recovery in 2002
Reuters | at | by Mike
Microsoft Corp. Chairman Bill Gates said on Sunday that he sees no global economic recovery this year, countering a budding groundswell of optimism tied to economic data pointing to a fast rebound. Gates, co-founder of the world's largest software supplier, said that corporate capital spending cuts and a glut of excess capacity in hard-hit sectors such as telecommunications may keep the economy moving sideways through the rest of 2002.
"I don't see any big uptick in this year. Japan certainly won't be, and the U.S. won't be," Gates told an audience of editors and reporters attending the five-day World Economic Forum summit of political and business leaders in New York.