Welcome!

News Feed Item

Flagging Demand Hits Business Confidence in Canada Despite Rising Faith in the Recovery, Finds ACCA/IMA Report

TORONTO, ONTARIO -- (Marketwired) -- 02/10/14 -- A drop in demand for goods and services and deteriorating cash flow put a brake on Canadian business confidence - belief in the prospects for one's own organization - in the second half of 2013, a global survey of financial professionals has revealed.

Nevertheless, belief in the prospects for the wider economy grew substantially.

The Global Economic Conditions Survey (GECS) was carried out by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants). A total of 3,471 finance professionals in 120 jurisdictions were surveyed in the second half of 2013, with in-depth coverage available for 16 markets.

"Overall, the Canadian finance professionals interviewed were less optimistic than most other respondents about the prospects for their organizations," said Suzanne Godbehere, Head of ACCA Canada. "Thirty-seven per cent reported a loss of confidence in the second half, up from 34 per cent in the previous half."

Godbehere explained that the second half of 2013 should have seen Canadian business confidence increase. Business opportunities grew, making up for the ground lost in the previous year and a half, the supply of growth capital increased, and prices and exchange rates appeared to stabilize.

"However, with a continuing fall in demand and the resultant cash flow issues, businesses responded by cutting back on investment and confidence declined," said Godbehere.

Yet positive economic sentiment in Canada - a belief in the prospects for the wider economy - grew substantially. Fifty-six per cent of respondents believed that economic conditions are improving or about to do so - up from 46 per cent in the first half of the year.

The pessimists now make up only 40 per cent of the Canadian sample, down from 54 per cent in the first half.

The contrast between rising faith in the recovery and flagging business confidence in Canada was echoed in China and Hong Kong, as well as smaller economies with a strong expert base.

The professional bodies claim that the global 'consensus of recovery' that has taken hold in the second half of 2013 is divorced from economic conditions on the ground, especially in the slowing emerging markets. In Canada, fiscal policy was also a cause for concern for businesses, with respondents reporting unease as they watched the country emerge from an era of austerity.


1.  About GECS
    This is the 20th edition of GECS.


2.  About ACCA
    ACCA (the Association of Chartered Certified Accountants) is the global
    body for professional accountants with 162,000 members and 428,000
    students in 170 countries worldwide. We aim to offer business-relevant,
    first-choice qualifications to people of application, ability and
    ambition around the world who seek a rewarding career in accountancy,
    finance and management.

    We work through a network of 89 offices and centres and more than 8,400
    Approved Employers worldwide, who provide high standards of employee
    learning and development.

    www.accaglobal.com

    ACCA Canada has 2,500 members and 1,200 students in Canada.

    ACCA is not affiliated with any chartered accountant (CA) organization.


3.  About IMA® (Institute of Management Accountants)

    IMA, the association of accountants and financial professionals in
    business, is one of the largest and most respected associations focused
    exclusively on advancing the management accounting profession. Globally,
    IMA supports the profession through research, certification, continuing
    education, networking, and advocacy of the highest ethical business
    practices.

    IMA has a global network of more than 65,000 members in 120 countries
    and 200 local chapter communities. IMA provides localized services
    through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai,
    UAE; and Beijing, China. For more information about IMA, please visit
    www.imanet.org.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...
With Cloud Foundry you can easily deploy and use apps utilizing websocket technology, but not everybody realizes that scaling them out is not that trivial. In his session at 21st Cloud Expo, Roman Swoszowski, CTO and VP, Cloud Foundry Services, at Grape Up, will show you an example of how to deal with this issue. He will demonstrate a cloud-native Spring Boot app running in Cloud Foundry and communicating with clients over websocket protocol that can be easily scaled horizontally and coordinate...
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, discussed the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even 1%...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, discussed how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees learned how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He also looked at what good leadership must entail in order to accomplish this, and how IT managers can be the ...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, will address this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of t...
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyer belt between the Software Factory and production stages. Artifacts are m...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...