Modest growth forecast for European chemicals

Abstract

According to Richard Freeman, chief economist of ICI in the U.K., 1992 is expected to be a better year for the industry than 1991—but that's not saying very much. As chairman of the economic appraisal committee for the U.K.'s Chemical Industries Association (CIA) and of the economic outlook working party of CEFIC, the European Chemical Industry Council, in Brussels, Freeman had little encouraging news for CIA's seventh annual Business Outlook Conference in London earlier this month. On tap for the year: slow recovery for the U.K. chemical industry, a report echoing the slight improvement predicted by CEFIC economists for the Western European industry in 1992. CEFIC's forecasts, compiled at the end of November, indicate a 2% growth in production over 1991 for the European chemical industry. However, such growth assumes a considerable increase in exports. In view of the weakness of the U.S. economy, slower growth in Japan, and weak growth in Europe itself, there ...