Thursday, February 5, 2009
Bill Gates foresees another three to four "very tough" years for a U.S. economy that shrank at its fastest pace since 1982 in the fourth quarter.
The U.S. economy shrank by a 3.8 percent annual rate in the fourth quarter, government data showed last week, sinking deeper into a recession.The sharp drop followed a 0.5 percent pace of decline in the third quarter. Those were the first back-to-back quarterly contractions in output since the last quarter of 1990 and the first quarter of 1991.
"No doubt we've got three or four years here that are going to be very tough," Gates told venture capitalists and investors gathered at the annual TED conference in California on Wednesday.
"You're going to have a number of years where aggregate demand is low," he said without elaborating.
By: DocMemory
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