Predicts that worst of the recession will pass by mid-2009

Avnet CEO sees light at the end of the tunnel

The chief executive of Avnet, Roy Vallee has said that he believes the recession will pass its peak during 2009, as the IT industry is better prepared to weather the economic climate.

Drawing comparisons between the current difficulties and the dotcom collapse, Vallee pointed out that previously technology companies didn’t cut spending in time to save themselves.

“This time around spending has been very well controlled and if anything I would argue there has been a bit of under-spend as a lot of corporations have strengthened their balance sheet,” he told Microscope.

“My sense is that technology is in a better position than the macro economy and we are going to resume our normal performance of outperforming the broad economy.

“I suspect by the middle of next year we will have seen the worst and while we may still be in a recessionary environment we’ll being seeing improvements quarter-on-quarter in the economy.”

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