The head of Caterpillar Inc, the world's largest maker of earthmoving equipment, said the US economy is probably in a recession and is unlikely to start recovering until late this year.
Caterpillar Chairman and CEO Jim Owens said fiscal stimulus would help support an economy dogged by mortgage foreclosures, a steep drop-off in residential construction and financial market turmoil triggered by the subprime loan crisis.
"The US economy is probably in recession now but will likely have real growth this year of around 0.5 percent, so very very slow growth and probably a couple of quarters of negative growth," Owens said.
He made the comments at a news conference in Tokyo to announce plans to raise Caterpillar's stake in a Japanese joint venture with Mitsubishi Heavy Industries Ltd.
Source: China Daily
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