Goldman Sachs (a little more) bullish on IT

Jake Widman
Wednesday, 23 September 2009 06:51

IT Industry - Market

Investment bankers Goldman Sachs has told its clients that it expects worldwide IT spending to grow faster in 2010 than it had previously predicted. It also predicted a growth in online advertising.   

The bank had previously predicted that global IT spending would grow 2% in 2010.

Its note to clients raised that forecast to 4% growth, based on improving indicators in gross domestic products and corporate profits.

It also painted a relatively rosy picture for online advertising, which it expects to grow 15% in 2010.

That rate reflects an anticipated 10% growth in the U.S. but a 20% growth elsewhere. Factors in the growth include a general increase in ad spending plus the continued shift of that spending to the Internet.

The bank did not raise its forecasts for 2009, however, which were for an 8% drop in IT spending and a 4% drop in online advertising.