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Bill Gates predicts prolonged recession, sees some bright spots in tech

Speaking to a BBC reporter at the World Economic Forum in Davos, Switzerland last week, Microsoft chairman Bill Gates predicted that the current economic downturn could last up to four years.

Speaking to a BBC reporter at the World Economic Forum in Davos, Switzerland last week, Microsoft chairman Bill Gates predicted that the current economic downturn is going to last several years, but he also struck a confident tone about the development of technology and science as well as the potential of capitalism to foster innovation and opportunity that will help the world recover from its current problems.

"There's no doubt that the short term is going to be very rough. There's a lot of cutbacks going on across many industries," said Gates.

"[But] great innovation in companies and universities are creating new medicines, creating genetic understanding, new materials, better software, and those are the engines of progress that will get the economy back up and going. I feel confident that in a 5-10 year time-frame we'll be in that trend."

Watch the 13-minute BBC video clip in which Bill and Melinda Gates talk about the current state of the economy, technology, software, and the work that their foundation is doing to help people across the globe during difficult times.

About

Jason Hiner is Editor in Chief of TechRepublic and Long Form Editor of ZDNet. He writes about the people, products, and ideas changing how we live and work in the 21st century. He's co-author of the upcoming book, Follow the Geeks (bit.ly/ftgeeks).

7 comments
srinivasanth
srinivasanth

Till now I have noticed that Bill Gates talks after considerable thinking, that what he says is devoid of sensationalism or personal motives and that he has been consistently right in his assessments.

santosh_kumar
santosh_kumar

The economic downturn or the recession tsunami has had an impact on most of us. However the key factor to remember here is that one should not lose hope. There are some websites where people who have been affected by job loss in the current recession could share their anxieties and problems with others having faced similar problems in the past. One website that is interesting is www.angstcorner.com. I particularly like their punch bag section where one can vent out their anger against their tormentor by virtually ?punching? them with a weapon of choice ! That is quite hilarious . Also visited their Forum section where affinity groups can create their own forums. Forum topics are company specific like ?Lehman Bros?, ?Microsoft? , ?Satyam? , ?Yahoo?, etc for ex-employees of these companies to get together and network and even find a job :) Here you can punch http://www.angstcorner.com/ACPunchBag/tabid/105/Default.aspx

jkameleon
jkameleon

... Bill got a 20$, through technological debt he accumulated and dumped on us.

BALTHOR
BALTHOR

Pump it up a little.Bill 40 million Hispanic and 40 million Negro immigrants.Billions out of the country every year in foreign and aid to freedom fighters.You're the wealthiest man on Earth Bill.

seanferd
seanferd

"Negro"? Really? C'mon now.

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