According to the report, half of all the execs expect their companies’ profits to remain stable or increase this fiscal year. Company leaders in North America were less optimistic with only 39 percent reporting that their companies will post increased profits over last fiscal year.
This year’s economic meltdown, however, seems to be affecting corporations differently. “Companies with annual revenues of less than $1 billion, along with private companies, are likelier than others to be introducing new products or services and hiring talent that would not otherwise have been available,” the report says.
Small or private companies are not counted out just yet. The results of the survey show that those executives expect an economic upturn sooner than others.
As for when business could begin to improve, most executives around the globe believe it will happen by the end of 2009. Forty-percent of North American execs expect the economy to begin to look up in 2010 or later and only 1 percent expect it to bounce back within the next four months.
Click here to access McKinsey’s full November 2008 report.
The survey includes responses from 1,424 executives and was conducted from November 5, 2008 to November 10, 2008.
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