These growth markets will be instrumental in helping Caterpillar increase its revenues while developed countries such as the U.S., Europe and Japan battle adverse macro-headwinds.
The reason, he says, is the difficulty of solving some of the issues that have led to the macro-dominated markets, such as the U.S. budget deficit and economic overcapacity that has resulted in persistent high unemployment rates.
Currently, global growth is threatened by several macro headwinds such as Euro-zone debt crisis and concerns over U.S. growth both of which can decelerate growth in export-reliant Asian economies and fuel inflation due to prolonged easy money policies.
But more importantly, attracting more high-skilled foreigners to the U.S. can boost the ailing housing sector indirectly by assisting the macro economy.