Oct 13, 2010, 10.13 AM | Source: CNBC-TV18
Billionaire investor George Soros foresees economic slowdown in both developed and underdeveloped economies ahead.
George Soros (more)
Chairman, Soros Fund Management |
However, he feels, though businesses are doing well, it is not good enough to curb unemployment. “Business actually is having excellent profits but they are not investing it but increasing their liquidity. Eventually they will devour each other. They will make bids for other companies to use the money—but not creating employment,” he points out.
Soros foresees economic slowdown in both developed and underdeveloped economies ahead.. “The economy is slowing down—the developed world is slowing down. China is also slowing down because they put strong stimulus and it overheated the economy,” he adds.