The findings of the global Association of Chartered Certified Accountants’ (ACCA) Global Economic Conditions Survey have revealed that finance professionals are predicting a slow recovery for the world economy, with a noticeable loss of confidence in the sectors and countries that were once the engines of world economic growth.  
 
While the contraction in world trade has come as a shock to professionals in the Asia Pacific region, especially to those in China - who have suffered a bigger loss of confidence compared to their Western counterparts - the survey of 805 ACCA members in 80 countries recognises a greater optimism in emerging African markets like Botswana, Zambia, Ghana and Kenya, where the economy is expected to recover sooner. 
 
The survey (PDF) also reveals how hopes of an early recovery are underpinned by trust in the responses of governments to the crisis. However, businesses need to play a part too, as one respondent – a director at a US-based, global HR consulting firm – explained: “The government can be a catalyst, but the corporations have to act. The corporations so far have not acted to help with the execution. The industry (banks and financial institutions) need to be more responsive.”