Wal-Mart Chairman warns economic recovery likely to be “lethargic”

The Chairman of Wal-Mart, Robson Walton, warned that the global economic recover is likely to be lethargic, even as the retailer sees great potential in China and India. "The world recovery is going to be led by Asia although it's going to be very challenging. I think this recovery is going to be a slow one," Robson Walton told a global CEO business conference. He said “sales have been tough” for Wal-Mart, even though it was benefiting from the economic downturn as more people shop at discounters for bargains.

He said that the proportion of international sales is expected to increase as the company continues to expand into China. "There is change and opportunity in the crisis. If we want to be successful, we got to change. We are working very hard to get our cost down and developing high-efficiency smaller stores to go into urban areas," Walton said.

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