Jorma Ollila, the chairman of Nokia (NYSE: NOK) and Shell, told reporters that the economic crisis was near its peak, but that there’s no clear way on how to dig out, Reuters reports. “We have approached the peak, if we are not there yet…but there really is no clear way out from this complicated situation and that is what’s causing the uncertainty,” Ollila told Finnish broadcaster YLE.
Ollila said the U.S. was likely to face “a longer than usual” recession, and in Europe, growth will be hit too. In general, he wasn’t sure if growth would just be slower, or there would be a period of negative growth, which he said could last up to two years. Ollila: “I don’t believe in a fast recovery next year.”
Comments have been disabled for this post