Canadian members of NACM at Credit Congress in Las Vegas were brimming with confidence regarding their businesses and financial regulators - They just hope nations like Greece and even the United States, their biggest trade partner, can avoid financial pitfalls that will impair the nation's own prospects for an economic rebound.
representatives said they believe the worst of the worldwide economic
recession is long gone. Still, they need to get their firms prepared to
take advantage of the rebound after a couple of years of trying to
survive more than thrive. One thing that is not a concern, unlike for
many domestic firms, is confidence in its banking system. One Canadian
credit manager called it the "best in the world."
worries, however, among Canadian firms regarding a possible domino
effect of financial problems in Europe being started by Greece's
well-documented financial woes. If nations like Portugal, Ireland, Italy
and Spain continue to deteriorate, it could affect confidence on a
global level and, thus, delay the long-awaited economic rebound.
Additionally, if the United States heads toward a double-dip recession
because of factors such as expected ongoing woes in the commercial real
estate sector, Canadian firms will continue to hurt. Remember: more than
80% of the nation's exports end up in the United States.
Brian Shappell, NACM staff writer