A new global survey of business leaders has revealed that many do not expect the global economy to recover until mid-2010.
The Regus BusinessTracker survey, undertaken by Regus in September 09 involving more than 11,000 corporate participants across 15 countries, found that while Australian businesses are more optimistic about the recovery than some of their counterparts in key economies including China, the US, UK and Germany, Australian companies do not expect to see signs of recovery until June 2010.
Of the countries surveyed, Spain recorded the most negative outlook, with many Spanish businesses not expecting a global recovery until October 2010.
Respondents were quizzed about their companies’ financial performance as well as their expectations for personal and nationwide economic recovery.
Despite Australia escaping an official recession, Australian businesses reported a decline in profits that surpassed the international average. Of those surveyed, 32 percent saw profits drop last year, compared with 28 percent globally. Likewise 32 percent experienced a decrease in revenues, compared with 26 percent globally.
Commenting on the results, William Willems, regional vice president, South East Asia, The Regus Group said: “Though signs of global economic recovery are starting to emerge, businesses across the services industry are remaining cautious.”