Experts predict flat 2007 for economy and global trade
Industry analysts, insiders and experts are forecasting a flat year for the economy and global trade in 2007, with an expected upturn next year.
Business leaders, gathered in Long Beach for a goods movement conference, heard that the U.S. economy would remain flat during the first quarter of 2007, with a return to about 3 percent growth for the rest of the year. The global economy will remain robust, with only a slight moderation through 2008.
'We think the dollar will resume its downward trend, oil price will remain elevated, and shifting of overseas production locations will continue to dramatically effect trade flows,' Michael Andrews, chief economist for PIERS Global Intelligence Solutions, told more than 1,300 attendees of the conference on Monday.
Andrews also expects U.S. import growth to slow this year then pick up again in 2008, and he sees 'U.S. exports growing moderately overall, with a slight dip this year and then picking up again next year.'
Keynote speaker Ron Widdows, chief executive officer of shipping giant APL Ltd., had a slightly more optimistic outlook. 'The commonality over the past four years in trade growth is more robust than we can project at almost any point in time,' he said. 'It remains a strong market. It has grown in double digits since 2004 and probably will for some time.'
Despite his optimism, Widdows tempered his comments by pointing out that as with all such projections, much remains unclear.
Experts predict flat 2007 for economy and global trade
