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Slowdown: Financial Turmoil Fuels Industry Uncertainty

Softening consumer demand in Europe and the U.S., coupled with ongoing financial turmoil, have put the global economic recovery at a turning point. The economy is slowing but, while odds of a recession have increased, growth will likely stay mildly pos

2:30 PM MDT | October 7, 2011 | Vincent Valk and CW Staff

Senior chemical industry executives acknowledge that growth has decelerated since mid-year. “It is true that growth has come down a little bit, but the first half was very good,” says Kurt Bock, chairman of BASF. “For the time being, we are doing well. We are not downgrading our guidelines. Exports of goods from China are down a little but this is positive because it will avoid inflation.” The debt crisis in the European Union (EU) and persistent unemployment, combined with falling consumer confidence in the U.S., have during the last few...

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