Eighty-four percent of the business professionals surveyed during a recent Deloitte webcast are concerned there may be a double dip in the economy.
More than one-quarter (27 percent) of the over 1,280 respondents during the webcast are very concerned that there may be a double dip, while more than half (58 percent) indicated they are somewhat concerned.
Many of our clients are optimistic about the economic recovery but have lingering concerns, said Deloitte Financial Advisory Services CEO David Williams in a statement. They are worried about job growth as well as continued uncertainty within the financial and governmental sectors. The economic growth we experienced at the end of 2009 and the momentum that continues today has resulted in increased optimism; however, until the job picture stabilizes and the credit markets firm up, concerns will remain.
Nearly one-third (31 percent) of respondents believe their company will not fully recover from the recession until after 2011. Only 14 percent of respondents thought their company would fully recover by the end of 2010.
Almost two-thirds (63 percent) of respondents think that some cost-cutting measures their company implemented to weather the recession will be enforced during the upturn. In addition, 19 percent of those polled responded that all cost-cutting measures implemented during the recession would continue to be enforced during the upturn.
Financial statement fraud was the most common type of fraud risk that respondents said their company would be most concerned about in the next 12 months (23 percent), while stimulus fraud, Foreign Corrupt Practices Act violations, and money laundering were each noted by 6 percent of respondents.
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