Maria Ramos, chief executive of South African state-owned rail and logistics group Transnet, said on Wednesday she sees the tough time for the global economy lasting 18 to 24 months.
”Well into 2010, the global economy is going to face a pretty tough environment. We see our clients being severely affected by this crisis,” Ramos told Reuters at the World Economic Forum annual meeting in the Alpine resort of Davos.
”There are no silver bullets. My sense is 18 to 24 months of a very tough economic environment globally.”
Ramos, named among the world’s 50 most powerful business women by Fortune and credited with overhauling Transnet, leaves to take the helm of Absa Group on March 1.
At Absa, Ramos will have to cope with the fall-out from a global financial crisis and rising bad debts as consumers battle to pay back loans given rising interest rates and inflation. — Reuters