By Nick Zieminski
Oct 10 (Reuters) - Package delivery company FedEx Corp
on Wednesday cut its forecast for global growth in 2013for the second time this year, citing slower growth in China,recession in some European economies and high energy prices.
"We are operating in the most tepid post-recession recoveryin the modern era," David Bronczek, chief executive of FedEx'sExpress unit, told a biannual analyst and investor meeting inMemphis, Tennessee.
FedEx said it now expects global gross domestic product togrow by 2.6 percent in 2013. That is down 0.1 percentage pointfrom the company's September forecast, which had already markeda 0.3 point reduction from the company's forecast earlier in theyear
The outlook for 2013 represents a slight rise from FedEx'soutlook for 2.3 percent growth this year.
Emerging markets, especially in Asia, will show fastergrowth, the company said, and they remain bright spots for theworld economy.
FedEx, a barometer of economic activity because of the broadrange of goods it moves, kept its estimate of 2013 U.S. growthunchanged at 1.9 percent. However, it said it now expects 2012U.S. growth of 2.1 percent, a 0.1 point reduction from lastmonth.
Positives for the U.S. economy include a recovering housingmarket, strong auto sales and stable financial markets.Uncertainties include post-election policies, the "fiscal cliff"that may mean deep budget cuts in the new year, and energyprices, company executives said.
FedEx plans to boost profits by $1.7 billion a year by theend of its 2016 fiscal year, partly by cutting costs at itsExpress unit.
FedEx shares were up 4.6 percent at $89.54 in early trading.(Editing by Leslie Adler)
Keywords: FEDEX ECONOMY/