2022 is going to be a good year for economic growth - Sir Martin Sorrell
3 February 2022, 10:38
Sir Martin Sorrell: 2022 is going to be a good year for economic growth
Advertising boss Sir Martin Sorrell tells LBC that he thinks 2022 is going to be a good year for economic growth globally, despite the withdrawal of economic stimuli and the raising of interest rates.
It comes the Bank of England's base rate of interest is predicted to go up to half a percent later.
It would be the first back-to-back increase since 2004 - as part of policymakers' efforts to cool soaring inflation.
Asked for his interest rate prediction, Sir Martin told Nick Ferrari: "An extra quarter point, I think it's inevitable that interest rates are going to rise.
"Given the spending that was quite rightly made in relation to the pandemic and the infusions in the economy, that has to be taken into account.
"Having said that, we saw results this morning from Publicis... and what that's telling you is that 2022 is going to be a good year."
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Sir Martin continued: "GDP growth globally is going to be about 4-5% versus 5-6% last year. So 2022 is going to be a good year despite the withdrawal of the stimuli, despite the raising of interest rates from very low levels.
"The Prime Minister, for whatever reason, has been emphasising strongly, recently, that the British economy is growing faster than anywhere else in Europe. That's partly because we had the worst position as a result of the pandemic last year, so it's the bounceback."
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