Blog: How would a US recession affect the BRIC markets?
Dean Best | 13 February 2008
Unilever’s Indian venture unveiled a set of robust numbers for 2007 today (13 February), amid much talk about how a downturn in the US could stunt growth in the world’s emerging markets.
There has been a lot of debate on whether markets like Brazil, Russia, India and China will continue to enjoy the rapid growth seen in recent years when the global economy is awaiting the impacts of recession in the US.
A key plank in Unilever’s growth strategy is expansion in emerging markets. Last week, Unilever boss Patrick Cescau said growth in 2008 may not match previous years but he remained upbeat.
"We expect the emerging markets to come a bit off their peak in 2008," he said. However, he added: "The economic fundamentals of those markets are good."
That view was echoed by Harish Manwani, president of Unilever's business in Asia and Africa, who said the company would continue to see strong demand in the region's developing markets. "Domestic demand is robust," Manwani said.
"People are converting into branded goods and uptrading because of money and you are still seeing people coming into the economy, even though there is price inflation."
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