Business leaders remain cautious but are hopeful and open to change in the post-crisis economy

The worst of the economic crisis may be over, but the longer-term challenge is the creation of balanced and sustainable global economic growth when government fiscal support is withdrawn. This message of cautious optimism resonates from over 350 business leaders in the APEC region,

based on a joint survey by PricewaterhouseCoopers and the APEC CEO Summit 2009 organising committee. The survey findings identified rebalance, connectedness and sustainability as the agenda of the global economy for the next few years.

Over half, 58% of respondents believe that we have seen the worst of the crisis. Only 28% of all respondents agree or strongly agree with the statement ‘unemployment will revert to precris is levels in the next 12 months. Pessimism surrounding unemployment is highest in the Americas 21% and the lowest in North East Asia with 31% agreeing or strongly agreeing with the statement. This would imply a general sentiment that recovery will be long-drawn and unemployment is expected to persist.

Dennis Nally, Chairman, PricewaterhouseCoopers International, said: “APEC is at the forefront of change and many of its economies have weathered the financial crisis well. They will play a critical role in bringing about balanced and sustainable growth as the world emerges from the shadows of this unprecedented crisis. While the outlook remains cautious, there is a sense of hope and openness to change in the post-crisis climate.”