Sorrell Warns Economic Crisis Will Not Lift Until 2010

Sir Martin Sorrell has warned that the economic crisis surrounding the financial markets is likely to make 2009 even bleaker and predicted that things may not improve until 2010.

Speaking at an event organised by the industry charity Nabs, the WPP chief executive said: “The next 15 months are not going to be easy.”

Sorrell said the upshot of recent events would mean client companies would be more cautious over the next year. “The smell of fear is incredible. People are terrified,” he said.

Sorell said he had predicted that 2009 would be a tough period a number of years ago, adding: “Now life has got even tougher because of what’s happened over the last two weeks.”

He admitted that he finds what is happening to the financial institutions “terrifying”.

However, he also suggested that there could be a recovery during 2009 “which will be as rapid as the decline in confidence”, due to the build up to the 2010 football World Cup in South Africa, the US mid-term elections and the Shanghai Expo.

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