“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
“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