Survey: Four out of five CFOs expect no recovery until 2011
Almost four out of five (78%) Chief Financial Officers (CFOs) of major Irish companies believe that the economy will not significantly recover until 2011, according a Quarter 4 (Q4) 2009 survey carried out by Deloitte
This is compared with 69% in Q3 2009. Similarly, more than half (52%) do not expect their company to fully recover until 2011.
The survey, which looks to establish the views of CFOs in relation to financial markets, the economic outlook and business trends, found that although they believe the economic recovery will take longer, CFOs are seeing signs that the economy is beginning to stabilise, evidenced by a gradual increase in the ISEQ index and some positive trends in consumer spending.
“Cautiously optimistic would be an accurate way to describe how CFOs in Ireland are currently feeling,” said Shane Mohan of Deloitte.
“They appear to have acclimatised to the business operating environment and, having dealt with the most urgent challenges such as cost reduction and working capital management, they now see some light at the end of the tunnel. While it may take slightly longer than originally anticipated, they are now beginning to feel more confident about how they can help position their businesses for growth.”
