Economies will be fine soon

Economies will be fine soon'

Microsoft founder Bill Gates expects world economies to recover in a short-term, and his company would continue to invest in research and development. "In terms of financial crisis, there is no doubt that there is going to be somewhat recession in the US but I do not think it will extend to too many other countries," Gates said at IIT Delhi on Wednesday.

"There is going to be weakness, but I cannot predict whether it is going to be 2 or 3 years, but it is going to be more than 6 months and the economy will get back on track after that," he added.
He said the world economy has seen phenomenal success since 1990, especially in India and China, and companies should now have a long-term objective. In the coming 5-10 years Microsoft will continue to invest in research, as it does not see the current slowdown having a long-term impact, he said.

Asked how he expects Indian IT firms to react, Gates told DNA Money "The IT companies in India are affected by the global economy but they continue to grow their global business. They should understand that they are here for the long term".

"Some of the work is done within countries, some of them is done out of countries, they have to increase the skill set in the current situation," he added.

The Microsoft founder said companies the world over take Indian IT firms seriously. That is why India should open more IITs to bridge the gap between demand and supply of skilled Indian employees.

Gates said he expects US president-elect Barack Obama to trigger economic growth for India in the long run. "I was very pleased to see so much interest in India over US presidential elections, I believe it is because the US president can make a big difference to the overall economy, in tacking terrorism, global warming etc.," Gates said.