“What we continue to see is a dual track in terms of growth… Europe is obviously in recession and we anticipate that 2013 will also be a difficult year,” said Loescher.
“In the U.S., we see some signs of growth in the housing market for example. We will have to see what the new president and the new government will actually do in 2013.”
PMI (Purchasing Managers’ Index) data out on Thursday showed Germany’s private sector shrunk for the fifth consecutive month in September. The rate of contraction eased however from 47 in August to 49.7 this month. PMI readings above 50 signal growth, while below-50 readings signal a contraction.
“The strong industrial footprint Germany has, and the products German companies produce and which are in high demand around the world, mean it is in a relatively better place compared to other parts of Europe,” he said.
Loescher also praised Spain’s efforts to resolve its banking crisis, but said the country would need time to reinstall “any type of meaningful growth.”
Regarding the latest European Central Bank bond-buying program, Loescher said Europe’s leaders had now bought time to take the necessary measures to make the region more competitive globally.
“What the ECB has done is clearly instil confidence,” he said.
— By CNBC.com's Katy Barnato