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Fiat boss says economy in recovery mode

By Matt Brogan |

Maybe he’s just speculating, or maybe he knows something we don’t, but Fiat CEO Sergio Marchionne says he believes the global economy is in recovery mode.

It’s an odd call from Mr Marchionne who three months ago predicted only six global car manufacturers would survive the economic downturn. Mr Marchionne went on to predict the US economy would see improvement by the middle of this year and that European markets would follow toward the end of the year.

“The recovery process has started,”  Mr Marchionne said. “The worst of the global financial crisis is over, but the consequences remain.”

Where this new found optimism springs from is any one’s guess but at a press conference yesterday Mr Machionne said he gained his inside knowledge of the situation through high-level meetings in Washington.

Let’s hope that his predictions are true.


 
  • NacaYoda

    The old “fake it ’til you make it” system eh? Why not.

  • http://skyline The Salesman says “What a watse of corn”

    Remember the movie Field of dreams? “If you build it, they will come”
    Maybe this will work if we get enough people saying it. Think positively and positive results will happen.

  • Jason

    :) I doubt we are even 1/4 the way on the downhill run yet

  • http://skyline The Salesman

    See Jason its attitudes like that keeping this recession alive. Go out a buy a plasma Jason. Stop hating and start participating.

  • Reckless1

    I agree with him.

    The last thing holding it back was US inaction on bank toxic assets, which has now all but been removed.

    Look at the stock markets folks, they are up 10% in the last couple of weeks. The markets always factor bad news in well ahead of time, and start recovering well before the slowdown/recession runs its course.

    Governments always work 6 months in arrears with their data, it takes that long to confirm what has already happened.

  • Captain Mainwaring

    Most of us on the street figured out that the recession we are now in started in late 2007. It took about another nine months for the governments to collect enough data to work it out for themselves, then when they announced it people REALLY stopped spending.
    I think the Fiat man could well be right, but it will be the end of this year before the governments work it out.
    Now is the time to buy, especially if Jason has something to sell.

  • http://navelcontemplation.blogspot.com Supercujo

    This recession is quite odd in that consumer spending has dropped so severely and so quickly.

    In previous recessions, consumer spending slowly tailed off and then came back quite quickly. That is why we are seeing handouts to the masses to get the spending going again.

    If people continue to hold off on spending, the recession will go on for a long time.

  • Falcodore

    Hence the government rebates,to keep us all spending :)

  • realcars

    Ditto Reckless One.

    The rich still want to make money and the rest of us want to spend it.

  • Sic of Bailouts

    Is This Guy ON Drugs????

  • Lostforwords

    ..wishfull thinking

  • Frenchie

    Is Italy in recession?

  • Pious

    Maybe this recession hit harder quicker because it is the first major one since the information superhighway – in late 08, every time you clicked on the internet the news was devastating, throws you into defensive frame of mind, likely to spend less, people then lose jobs, then recession hits quicker. Or I might be completely wrong! Think about it, though – we have people worried about the chinese economy fluctuations. 10 years ago, most punters barely knew whether China had an economy (tongue in cheek, tongue in cheek for god’s sake, before y’all carry on!). Anyway, my take is that thanks to the general perception (as promoted by the PM – why couldnt he have just lied to us to keep our spirits up?) that 2009 will be tough, most punters are in the trenches for 2009 and it will take a lot to get them out, even if things did improve substantially, but hopefully 2010 will be good’un.

  • http://navelcontemplation.blogspot.com Supercujo

    So Pious, what you are saying is that mainstream media needs to be more responsible in their reporting. The whole story, not just little sound bites.

  • Yianni

    Anyone can say whatever they want…

    It’s all about the figures and right now they’re still looking shocking! When sales figures show improvement then we’ll know things are improving :p

    This is just bluff to sell more cars right now.

  • roger

    dai che ritorna il sole…ciao australia

  • Elitist

    There never was any recession, its just a way to launder money to Israel.

  • Wheelnut

    Yeah but this is a man who [along with the other board members at FIAT] is considering buying Chrysler.
    So he’s not exactly the sharpest tool in the shed

  • Tomas79

    Wheelnut says :”Yeah but this is a man who [along with the other board members at FIAT] is considering buying Chrysler.
    So he’s not exactly the sharpest tool in the shed”

    Mate, are you even as qualified as him to even make that statement?! Chrysler produces some very unique and very appealing cars for IMO!!

    Anyway, he is right, the economy is speeding up again!!

  • Dan

    Tomas79 said – “Mate, are you even as qualified as him to even make that statement?!”

    LOL! Don’t worry, he thinks he knows the best out of everybody. He’ll even argue about quantum physics with Einstein haha.

  • Andrew M

    Whether he is right or wrong, its good to see some optimisum.

    The constant scare mungering about the economy will only make it worse.
    The economy will come back once some more confidence hits the floor.

    I know that the investors are starting to come back to market. Hopefully they will come back in force to help strengthen it.
    From what ive seen the market is starting to move again.

    The thing is, it will take 6 months to filter through the system.
    When the “recession” started, it started 6-12 months before they told us it did and people started to notice.
    Now when it picks up, it will take 6-12 months for it to filter right through again before every one starts to notice its better