Wednesday, September 27, 2023
Homedavos world economic forum 2014I'm very bullish on Russia: WPP CEO

I’m very bullish on Russia: WPP CEO

Martin Sorrell, CEO of WPP told CNBC at the 2014 World Economic Forum that he had grown increasingly bullish on Russia.

The head of the world's biggest advertising firm by revenue said that companies are still being conservative despite the easing of the crisis. He said that his outlook was very positive on Eastern Europe, in particular countries like Russia and Poland, as well as Germany.

"I remain very bullish about Eastern Europe. And I have to be bullish about Russia, Poland and Germany..Germany is the strong man of Europe," he said.

(Read More: Brand America has been damaged: WPP CEO)

Martin Sorrell, the former chief executive officer of WPP Plc.Simon Dawson | Bloomberg | Getty Images

He expects the upcoming Winter Olympics in Sochi to be a success despite recent controversy. He added that the soccer World Cup that is also coming to the country in 2018 alongside smaller events would boost marketing investment in the country and give Russia a very healthy future.

Sorrell said that his company was making significant investments in Russia and was looking to invest more in the country. But his bullishness wasn't confined to just Russia.

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"Poland, we saw, made a dramatic recovery in the second half of last had a very good post Lehman crisis," he said.

"Europe, just like the world, is moving to the East as well."

He warned however that problems in the euro zone and U.S fiscal deficit debates would continue to plague the global economy.

Advertising giant WPP's clients include more than half of the Fortune 500 and collectively, WPP employs over 162,000 people.

The U.K. firm reported third-quarter organic revenue well ahead of expectations back in October, with like-for-like growth rising by 5 percent against 2.4 percent in the first half of its financial year.

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Improvements in trading in North America, Britain and Latin America were the underlying reasons for this growth, according to the report, with Sorrell adding that Germany had been strong.

The WPP chief said at the time that the company was looking to frontier markets such as Cuba, Myanmar and Iran to expand the company further.

By's Matt Clinch. Follow him on Twitter @mattclinch81


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