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One in four senior executives across the globe is less confident now than at the beginning of the year, according to an international study of economic recovery.
However, the mood varies greatly from country to country. Pessimism is most pronounced in the US and the Gulf, where confidence levels have dropped since the beginning of the year, while optimism in the East continues to soar.
The research, conducted by international law firm Eversheds, reveals that businesses in the US have taken the least proactive approach to combating the challenging economic climate. Conversely, businesses in China and Russia have led the charge in trying to drive demand, by searching for new market opportunities, while cost cutting measures have been most prevalent in the UK.
According to the report, confidence levels in the Middle East region have 'reduced significantly' from the levels seen previously with just 32 per cent of respondents more confident now than at the beginning of the year.
Stephen Sorrell, partner at Eversheds, said: "While economists have signalled the official ending of the recession, there is little doubt that challenging economic conditions persist. Despite the downturn of the last few years, the majority of companies have survived and some have even thrived.
"The findings show a very mixed picture in terms of confidence levels and the way in which businesses have tackled the economic climate."
Eversheds is inviting businesses to share their views and experiences by logging on to www.eversheds.com/toolsforrecovery.
