Economic perspectives from Davos 

Hi I’m John Veihmeyer, Chairman and CEO of KPMG in the US and Chairman of our Americas practice. I’m here in Davos and let me just share some of my perspectives of what the mood of the senior executive who are here in Davos this year is and I think certainly from a US perspective I think combined with the sense I have of the companies that I meet with on a regular basis before I come to Davos, reinforced by what we are hearing here, you know it is a very uncertain environment right now and I think that there’s some optimism that’s beginning to build. I think there is a very strong sense from the  US stand point that we are poised and the table is set for a very strong economic recovery in the US.  The major issues that I think most of us believe are holding the US  economy back at this point are emanating out of Washington. There are concerns around how we get our fiscal house in order and as the Congress deals with those issues what the impact will be on corporate America. I think if we can get some long term resolution or at least a frame work by which some of those issues will be resolved, I think we are poised for a very strong economic period in the next couple of years in the US.

From a global stand point, I think not quit as optimistic. I think Europe is still obviously troubled. I think most people’s view is Europe will be flat, if not slightly down.  I think it is a pretty cautious crowd here in Davos this year and maybe I’m bias from a US perspective but I really do feel like the rest of the world is looking to the US to lead the world into a stronger economic recovery and I think it is totally within our power to do that if we can get some solutions coming out of Washington to really deal with some of the major uncertainties that are constraining some of the investment by US based companies.