A survey of 70 QLD leaders conducted by the CEO Institute has shown that the economic downturn is having a serious affect on business, with 88 percent of leaders believing that economic conditions will not improve until 2010.
CEO Institute chief executive officer in QLD, Sue Forrester, has indicated that businesses are now working harder than ever to get their business through this crisis.
“Our members are indicating that they are working hard to manage board and shareholder expectations to accept lower profits and possible losses over the next 18 months. Despite this, they are still worried. “They (CEOs) are dealing with younger employees who have not seen this sort of financial crisis before and are very stressed.”
However, 70 percent of QLD businesses believe that they will cope better than other states.
“CEOs believe there will be localised business pain in QLD but that statewide the impact will not be as bad as in other states,” Ms Forrester said.
