Nissan's Ghosn warns worst to come in economic crisis
The head of the Renault-Nissan automaker group on Tuesday warned that the worst of the global financial crisis was yet to come, saying it could last into 2010.
Carlos Ghosn, the legendary manager who turned around Nissan a decade ago, said the auto industry was being pummelled by deteriorating markets in the rich world as well as a slowdown in emerging markets such as Russia and China.
"We have not seen yet the worst," Ghosn told a business forum in Tokyo.
"Even if the financial crisis stops, the consequences of the market slowdown in terms of unemployment (will) come. So far we have seen only the beginning of the consequences," he said.
Ghosn said he was bracing for "a relatively long term of credit turbulence."
"This is going to probably lead to a situation in 2009 which (will be) at best lukewarm. It may continue into 2010 if the financial meltdown does not find good solutions to address it," he said.
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