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SOURCE: Business Desk Dec 28th 2011
A SURVEY of 200 finance directors from the North West has indicated that the overwhelming majority are predicting recovery to be a long slog.
Just 6% said they expected a recovery in the economy in 2012, with 85% indicating that they believed it could be 2-4 years before businesses experience growth again.
The survey, conducted by the North West Financial Directors’ Network and AFR Consulting, supports the grim forecast made by the Chancellor in his November budget and the latest predictions that the UK economy may contract by as much as 1.3% next year.
Over 80% of respondents also stated that their companies are unlikely to be recruiting in 2012 and they won’t be increasing their capital expenditure levels. However, 71% felt that turnovers will either stay the same or improve.
Despite the forecast, the Financial Directors’ Network is predicting some sectors will outperform the market in 2012, notably mining, energy & utilities; professional & business services; healthcare & biotec; IT & Telecoms and green energy.