Nearly 70 percent of Australian small to medium sized enterprises (SMEs) are predicting that the global economy will recover by 2011, according to the UPS Asia Business Monitor.
UPS Asia Business Monitor’s annual survey on competitiveness in business and issues facing SMEs in the Asia Pacific found that while 33 percent of Australian SMEs predict their business prospects in 2009 will worsen, many believe we will see a turnaround by 2011.
The survey found that 49 percent of respondents believe recovery will come in the form of a return in consumer confidence and resumption in spending and the U.S. market recovery and growth; while 30 percent believe government regulations/policies, such as more spending on infrastructure will lead to a recovery.
To counter the current global economic crisis, the research shows that Australian SMEs see growth opportunities in forging new business ventures, acquisitions or partnerships (21 percent) and moving to higher value-added products and services (20 percent).
“Australian SMEs are taking a long hard look at their businesses to find expansion opportunities like starting new business projects in order to survive the downturn. We also see that most SMEs are tightening cash flow management through strict credit control and collection plans as a contingency to sustain their business this year,” said Jeff Fairbairn, managing director of UPS Australia.
People who read this, also liked:
Rudd urges small business to remain optimistic
IMF predicts global economy to recover in 2010
