Unilever Paints Gloomy Picture Of World Economy

Though Unilever has been ringing alarm bells about the worsening world economy for some time, it now acknowledges the situation is gloomier than it once thought. Chief Financial Officer Jean-Marc Huët says the company’s sales are sagging in every product category – including personal care, food, refreshment and household care – all over the globe. The glum assessments are echoed by policy makers. The International Monetary Fund trimmed its growth forecast by 0.002 percent while warning of the possibility of Europe re-entering a recession. China’s third quarter economy grew at the slowest pace in five years. “We are in a tougher environment. There is no other way to put it,” Huët said.