ACCA's fourth quarter Global Economic Conditions Survey has provided us with the first firm evidence that economic conditions are finally improving – albeit with good old accountancy caution still firmly in place.
Nearly half of the 1700 respondents worldwide believe economic conditions are about to improve or already doing so. And there are also signs that demand, access to finance and cash flow are recovering.
But a growing number of finance professionals across regions are forecasting a very weak recovery, with 11% of respondents now expecting the downturn to last another three years or even longer. Of course that still means the overwhelming majority believe recovery will be with us sooner.
On balance, ACCA shares that view, expecting at least another year of challenging economic conditions, while conceding that the more pessimistic of our members have a point.
I'd like to thank everyone who has contributed to the quarterly survey, making it one of the world's largest and most representative surveys of economic confidence.
I would also like to send seasons greeting to everyone who is celebrating at this time of year, and to wish you all a happy and healthy 2010.
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