De Profundis

I see my own gloomy forecast for 2003 today on CW360.Com is supported by an equally gloomy piece of research by investment bank Goldman Sachs, which predicts technology spending is likely to decline this year.

According to a report in ComputerWire, The bank said that average outlook was for a 1% decline in IT spending this year, compared to the 2% to 3% growth predicted as recently as October. Goldman Sachs commented it was "surprised by the magnitude of the decline".

Budgeting for 2003 probably was concluded ahead of the survey, it said, pointing-out that "our results indicate a renewed determination among top management to control expenditures."

Goldman Sachs said "seasonality in the March quarter is likely to be more severe than current estimates appear to suggest." The bank also said that the expectation for full year revenues to be up 7% is "overly optimistic."

Not much to be cheerful about there then is there? I don't like being labelled as a pessimist but the writing on the wall is there for all to see. This is going to be one very tough year for an already despondent IT industry, my astrologist told me so!

Keep brushing....!


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