Investment guru Warren Buffett has predicted that the US will avoid any sort of double dip recession.
According to reports, Berkshire Hathaway chairman Buffett told delegates at the Montana Economic Development Summit that the US economy will bounce back as it did after the Great Depression and the Second World War.
He said: “I see our businesses coming back across the board. I am a huge bull on this country and we are not going to have a doubled dip recession at all. This country works and the best is yet to come.”
At the same event, GE chairman Jeff Immelt also sounded bullish on the US economy. He said GE was already showing signs of recovery but warned that the American economy has to move over to that of an exporter rather than consumer if it wants to reduce its deficits.
Immelt said the attempts in the past to make the USA an economy of service was “stupid” and “insane”. He said: “The future of the economy has to be as an exporter.”