FedEx Chief: Exports Will Stave Off Recession

CEO says increased globalization in high-tech a boon to struggling economy
By Jim O'Neill,  Newser User
Posted May 19, 2008 10:25 AM CDT
A man walks by a FedEx drop box in North Andover, Mass.   (AP Photo/Elise Amendola)
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(Newser) – Strength in high-tech US manufacturing and the globalization of the market has helped the US avoid a recession, with its exports being driven by a weak dollar, FedEx CEO Fred Smith told the Financial Times today. And, he said, as emerging economies continue to grow, so will US exports, even if the dollar rebounds.

“Were it not for US exports, the country would be in a significant recession right now,” Smith said. Analysts agree, saying near-record export activity could increase the US GDP up to half a percentage point in the first quarter. Smith also attributed increasing globalization to the growth of electronic commerce.