Fiat boss says economy in recovery mode

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.
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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.