CANNES (Reuters) - WPP (WPP.L) Chief Executive Officer Sir Martin Sorrell predicted on Friday a slowdown of the world economy after Britain voted in favor of leaving the European Union.
“What will naturally happen is that the economies will slow, because our clients will become more cautious,” Sorrell told Reuters in an interview in Cannes.
“The world is going at between 3 or 3.5 percent (of growth rate)... My guess is that the next forecast from the World Bank or the IMF is going to be even more conservative.”
Sorrell said that WPP, the world’s largest advertising company, was in danger of losing influence in western continental European markets after the British vote, meaning that incremental jobs were less likely to be created in Britain and more likely to be created in countries like Germany, France and Italy.
Reporting by Mathieu Rosemain, Editing by Dominique Vidalon