17 Iunie 2010
Romanian execs: restructuring in the survival mode, one year into the crisis
Romanian companies will still suffer from recession-induced blue period in 2010, as local managers have becoming more pessimistic about the prospects of an economic recovery. Around two thirds of top Romanian chief executives expect the country to emerge from recession as late as in 2011, according to Romanian CEO survey carried by Deloitte Romania.
With a protracted global recession being the main threatening factor for business growth, companies now expect more support from the state, considering governmental stimulus to be the most important catalyst that would help the economy’s turnaround, the survey found.
“As predicted, crisis in 2009 has swept through the business community, challenging companies to stand their ground, if they can. 2010 is the year when survivors get back in the race. But there are no winners yet, as the crisis deepens at macroeconomic levels and the pressure for governmental support and restructuring grows stronger,” said George Mucibabici (photo), Chairman Deloitte Romania.
The CEOs of companies in Romania say they are extremely affected by the prolonged global recession, by the decline and radical shift in consumption as well as by the poor Governmental policies.
“Romania’s recent decisions, based on IMF and EU recommendations, to resort to harsh economic measures, while socially unpopular, can prove paramount in reviving the economy. By reducing social protection costs, the state can finally concentrate efforts and funds on the only segment that can take Romania out of the crisis – the real economy”.
Deloitte’s second issue of the CEO Survey was carried out between February 20 and April 30, and reflects contributions from more than 150 leading Romanian businesses in terms of revenues as per their 2008/9 results. More than half of the interviews were carried out during face-to-face meetings with Deloitte partners and directors.
“As predicted, crisis in 2009 has swept through the business community, challenging companies to stand their ground, if they can. 2010 is the year when survivors get back in the race. But there are no winners yet, as the crisis deepens at macroeconomic levels and the pressure for governmental support and restructuring grows stronger,” said George Mucibabici (photo), Chairman Deloitte Romania.
The CEOs of companies in Romania say they are extremely affected by the prolonged global recession, by the decline and radical shift in consumption as well as by the poor Governmental policies.
“Romania’s recent decisions, based on IMF and EU recommendations, to resort to harsh economic measures, while socially unpopular, can prove paramount in reviving the economy. By reducing social protection costs, the state can finally concentrate efforts and funds on the only segment that can take Romania out of the crisis – the real economy”.
Deloitte’s second issue of the CEO Survey was carried out between February 20 and April 30, and reflects contributions from more than 150 leading Romanian businesses in terms of revenues as per their 2008/9 results. More than half of the interviews were carried out during face-to-face meetings with Deloitte partners and directors.