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Debt crisis dampens economic outlook

Executives in the microtechnology industry expect that the debt crisis in Europe and the U.S. will slow economic development.

This is what experts stated in a survey on the current debt crisis and its possible impact on the economy, which the IVAM Microtechnology Network has conducted in late September.

Just over half the industry experts (53%) assume that the economy will stagnate over the next six months. But some of them say that only a number of industries and specific regions may be affected by a new recession. While the economy may stagnate, or even shrink, in the U.S. and Europe, the experts are predicting continued growth in emerging economies such as China, India, Russia and Brazil.

Being a suppliers industry, the microsystems industry very much depends on the business of their customers. While many microtechnology business owners have confidence in the saleability of their own products and technologies, they are sometimes unsure about their customers business, which may make them more pessimistic about their business prospects than the present market situation actually calls for.

New recession a self-fulfilling prophecy?

Almost one third (29%) of the experts are certain: the economy will continue to grow, though perhaps not as much as predicted earlier in the year. The economy is still well off, they say, but might be affected by a mood of pessimism and the indecision of politicians how to address the debt crisis. The experience gained from the economic and financial crisis in 2008 have made some decision makers careful and reluctant to spend or invest.

Whether political decisions will have an impact on the economic development or not, is a question the experts disagree about. While some think a right course in Euro politics is a prerequisite for ensuring a stable economic situation, others hope the economy will develop independently of political decisions – simply according to the market situation.

Mona Okroy | idw
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