Gates shrugs off recession worry

Microsoft chairman Bill Gates has played down recession fears, saying investment in new technologies will help drive the global economy ahead.

"It looks like the economy may go down somewhat, but nothing like a big recession or a depression," he told CNN.

The slump triggered by the collapse of the subprime housing market requires "some type of correction", Gates added. But he played down concerns over the Wall Street bailout.

"It doesn't look like fixing these problems is going to derail the economy in some dramatic way," he said.

"The amount of innovation taking place, the amount of investment is actually greater today than ever.

"You not only have more American companies with more scientists and engineers and innovators, but now you have... people from all over, including lots of people in India and China, now contributing to new drug design, new software design, new energy-generation design."