The PSTC Tech 31 kicked off this morning with the General Session. Economist John McDevitt delivered an upbeat message in his World Economic Outlook 2008-09. In a shaky time, while the press is reporting a dark outlook economically, McDevitt painted a rosier picture.
“Until something gets sold, nothing happens,” he said, indicating that the gross domestic product is the indicator for the future. The European 2007 GDP is 2.6%, with a GDP forecast for 2008 of 1.7%. In the Asia-Pacific region, the 2007 GDP is 5.4%, with a GDP forecast for 2008 of 4.6%. In the Americas, the 2007 GDP is 3.3% and is forecast to be around 1.3%.
Because GDP growth will not exceed 3%, McDevitt says that companies must work harder ad step up their creativity as we move into the future. Industries served by the pressure-sensitive tape companies are not in a recession – in fact, value of HVAC products is estimated to be up 24.3% compared to 2007, and aerospace up 22.4% from 2007. McDevitt noted that, while the construction sector is down, construction in the lodging industry (such as hotels) is up 41.5%, and suggested that companies look to that area for increased product manufacturing.
Future growth will also be seen in Colombia, where we export $850 million in product per month, and Chile, where we export about $800 million in product per month.