Forty-one percent of the large companies and financial institutions participating in a recent Greenwich Market Pulse expect the global recession to come to an end in the next 12 months, but almost 55% expect the downturn to last for at least another year.
Only 12% of survey respondents expect to see a global economic recovery in the next six months, with 29% predicting a recovery in seven to 12 months. At the other end of the spectrum, one in 10 participants expect the global recession to last another three or more years.
Canadian companies and institutions are the most optimistic, with nearly half expecting a global recovery within the year, while 14% of Canadian respondents think the global recession is already over. The least optimistic are UK respondents. Only 20% of UK companies and institutions expect global recovery in the next year; 56% think the global recession will last another one to two years, and 16% expect it to continue for three years or longer.
“Almost 60% of corporations around the world think we have at least another year of global recession ahead of us,” said Greenwich Associates consultant Steve Busby.
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