Global slump will have 10 years impact: Gates

Washington, Jan 27: It will take up 10 years to weather the current global economic storm, Microsoft co-founder Bill Gates said. "The financial market and economic conditions that have developed this past year are truly unprecedented," Gates wrote in his first annual letter about his work at the philanthropic foundation that bears his name.

In a letter devoted to the economic slump Gates wrote: "I hope two years from now when I write this letter I can look at this section as a reflection of something that was short-term and that has passed." "But I think the effects of the crisis will last beyond that," added Gates, who retired from Microsoft last year to wholly devote himself to his foundation.

"If you take a longer time frame, such as five to 10 years, I am very optimistic that these problems will be behind us," he said. Fast-moving technological and scientific innovations would the primary drivers in the recovery of the crisis he opined. Innovations are "moving forward at a pace that can bring real progress in solving big problems" and "will help improve the world and reinvigorate the world economy." Gates said.

OneIndia News (With inputs from Agencies)