Banking on a "slow but steady" recovery in the U.S. and a potential revival of the European economy, the chief of Caterpillar believes that 2016 will be a better year.
"We can see the catalyst of growth with the slow but steady U.S. recovery. Europe's day is coming. Believe it or not, it will recover at some point," CEO and Chairman Doug Oberhelman told CNBC's "Managing Asia."
One promising factor that could end the slowdown in the euro zone is the euro's rapid depreciation, sparked by the launch of the European Central Bank's (ECB) large-scale government bond purchases in January. Coupled with speculation of a mid-year rate hike in the U.S., the ECB's easing has seen the common currency fall 10 percent against the greenback year-to-date.
"The weaker euro could help to stimulate Germany, especially its economic base and exports, which could spill into the rest of Europe. On top of that, the ECB's quantitative easing could stimulate economic growth going into 2016," the 62-year-old said.
Besides that, accommodative monetary policy around the world and a dramatic decline in energy prices remain supportive of global growth. "With all the stars aligning, I think we are closer to the end now," Oberhelman added.