TSMC chairman Morris Chang isn't too optimistic when it comes to the state of the economy, and he expects the industry will need around three years to bounce back to 2008 revenue levels.

In an interview with the Wall Street Journal, Chang said the semiconductor industry has not hit bottom yet, but it's pretty close, which basically means things can only get better. "I think it will be 2012 before the total revenue of the semiconductor industry gets back to the '08 level," said Chang.

According to the report, Cheng expects the decline to continue for companies that make consumer products and semiconductors. He noted Samsung and Intel are in a strong position.

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