The latest data from the International Monetary Fund suggests that global growth will fall to 0.5% in 2009 - the lowest level for more than 60 years.
As it will take time to restore confidence, it could be as late as the end of 2010 before we start to see sustained signs of recovery.
That's effectively two years which could shape the longer term future of most companies.
ACCA's concern is that during this tough, nervous time, many businesses will at worst cut their staff resources to the bone and abandon recruitment, or at the very least look to cut costs by cancelling staff training and professional development.
Even cutting corners on staff development could be short sighted and damaging.
ACCA's Insight series shows that those companies taking a positive approach to their staff in past recessions have been the quickest to recover and enjoyed greater sustained commercial success.
No-one can be sure when there will be an upturn in the economy. But we do know that, in order to survive in the current climate, businesses need to focus on their greatest asset - people.
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