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Sorrell: Europe’s decade of pain

on December 7, 2012

Originally posted on Business 360:

[cnn-video url= "http://edition.cnn.com/video/#/video/business/2012/12/07/qmb-sorrell-eurozone-growth-warning.cnn"]

 (CNN) – The 2013 forecast for European economic growth has turned into a prediction for decay. The European Central Bank on Thursday flipped next year’s gross domestic product forecast from growth of 0.3% to a fall of 0.9% next year.

Martin Sorrell, CEO of WPP, told CNN’s Richard Quest he fears Europe’s growth problem will last more than just one year.

“This is a decade of slow growth. We are halfway through it. Hopefully we are halfway through it,” says Sorrell. “And there’s going to be another three, four, five years of tough stuff until we get out of it around 2017, 2018.”

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