According to a survey* by the ICPA (Institute of Certified Public Accountants), more than half of their members disagree that Ireland is emerging from recession. The survey includes 500 accountants employed in different industries.
Things are very much the same in other parts of world. Major economies are still in a phase of recession, though not the recession we had in 30’s. We asked one Chartered Financial Accountant – (also a business consultant), his thoughts. According to him the recession is more part of the failure to realize the impact and a failure from governments to put up firewalls to protect businesses.
Talking with us, he also mentioned that some clients might perceive the recession as an opportunity to give them low cost alternatives, employees and consultants. But not everyone may prosper. Where there is a winner, there is often a loser. The truth about the recession could just simply be the old story of “the rich get richer, the poor get poorer”.
One FCCA (Fellow Member of the Association of Chartered Certified Accountants) we interviewed, (also a director of an ACCA college), commented that the recession and economic conditions in Europe, if continued, could trigger a knock on negative effect on the Asian economies that have been relying on Europe for their young work force and for trade.
What governments around the world and especially in Ireland need to be focused on is to help the small and medium size companies survive. Small and medium size companies employ a large percent of population and could act as the potential backbone of economies.
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