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The current economic downturn ‘isn’t even close’ to the 2008 crisis

ServiceNow chief executive Bill McDermott told CNBC’s Jim Cramer on Monday that he doesn’t expect the current economy to experience a market downturn like the 2008 financial crisis.

“It’s not even close to 2008. In 2008, I was in a company where we lost a billion euros in the pipeline in one day. It was a crisis. It’s not a crisis”, McDermott said in an interview on “Mad Money.” .”

“If anything, it’s a crisis of opportunity. The digital transformation market is worth $11 trillion over the next three years, agree. If you want to fight inflation, you’ll keep your employees inspired no matter where they work. of. … You are going to connect with your customers,” he added.

McDermott’s comments come as the Federal Reserve plans to tighten its balance sheet and raise interest rates to control inflation, heightening concerns on Wall Street that the actions could trigger a recession and slow an economy. recovering from the peak of the Covid pandemic.

The CEO of the cloud-based software company also said companies that want to weather tough economic conditions need to invest in digital innovation now. McDermott noted that no company among the top 30 S&P 500 companies in 1989 is on the same list today, as measured by market capitalization.

“If you don’t change, transform your businesses, and step on the accelerator now that the headlines are down, you may not be on any list 30 years from now,” a- he declared.

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