InfoWorld: Goldman Sachs says IT spending to drop in 2003

Tom Krazit reports on Goldman Sachs CIO survey which concluded that IT spending in 2003 may actually decline slightly from 2002.

The magnitude of the pessimism surprised the New York firm, which said a 3 percent swing in the outlook from October to December was unusual.

And the gloom won’t lift for awhile, at least according to Goldman’s survey. It will take at least a year for IT spending increases to accelerate, according to 43 percent of Goldman’s panel. Sixty-six percent of the respondents said only as their company’s revenue and profitability increases will they be able to reinvest some of the profits in IT.

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