06 January 2009In Business and Economy
Optimism in privately held businesses (PHBs) has fallen by 56 per cent in the last year, according to the Grant Thornton International Business Report.
The report, which surveyed senior executives from more than 7,000 PHBs across the world, showed that this is the first time pessimists have outweighed optimists over the outlook for the economy since it began in 2003.
It also showed striking differences in optimism between mature and emerging economies, with India and Botswana coming out as most hopeful, although Japan and Spain showed the most pessimism.
Alex MacBeath, global leader of PHB services at Grant Thornton, said: "These polarised results suggest there are still pockets of hope in the global marketplace and it is no coincidence that PHBs are some of the first to realise."
The survey also showed that the biggest single factor causing the most concern for PHBs was a fall in consumer demand.
Meanwhile, chief financial officers will be focusing on maximising cash flow, boosting investor confidence and cutting costs in 2009, according to the latest CFO survey from Big 4 firm Deloitte.
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