Gulf firms most confident about growth expectations, says survey

Firms in the GCC are more confident about growth expectations than firms elsewhere, a survey by the Institute of Chartered Accountants in England and Wales (ICAEW) has found. 40 percent of firms surveyed claim the impact of the financial crisis will dissipate in 2010, compared to 30 percent in Europe and the US.

The survey also showed that over 60 percent of Gulf firms expect a 5 percent annual turnover for 2009.

“It is heartening to see that the Gulf still remains positive about business and growth prospects not just locally, but also globally,” said Amanda Line, Middle east director for ICAEW.

“Over half of the Gulf businesses surveyed plan to expand the target countries they sell products to, and many plan acquisitions in other countries to enhance their market presence within the next five years,” she added.