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GT IBR 2012 - focus on Ireland


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GT IBR 2012 - focus on Ireland

  1. 1. Focus on: IrelandChanging times International business report 2012 - Executive summary Global business confidence is balancing on a In terms of optimism, Irish businesses are knife edge heading into 2012. With the global among the most optimistic in Europe, with the economic outlook dominated by the crisis in ongoing sovereign debt crisis spreading the Eurozone, fears are increasing that business economic uncertainty throughout the continent. growth will become even more difficult than in The region has seen optimism levels fall from 2011. +24 per cent in 2011 to -17 per cent for 2012. Grant Thornton’s International Business This optimism comes after a number of years Report (IBR) shows that the global business of turbulence where Irish businesses faced a optimism balance percentage1 for 2012 stands Darwinian choice of adapt or disappear. at a net 0 per cent i.e., those business leaders Although business failures have been feeling optimistic (36 per cent) about their prominent since the downturn began, economies in 2012 less those feeling pessimistic businesses now appear to be coming through (36 per cent). this period with a more fit-for-purpose offering. However, Irish businesses expectations for the economy for 2012 have improved Critically, the key business drivers appear to significantly climbing eight places from 37th have stabilised as: position in 2011 to 29th out of 40 (see Figure • 72% expect revenue to increase or remain 1). 30 per cent of Irish businesses are slightly or the same; very optimistic about the economic outlook for • 78% expect selling prices to increase or 2012 (2011 20 per cent) with 42 per cent being remain the same; slightly or very pessimistic (2011 65 per cent), • 79% expect profitability to increase or giving a net balance percentage of -12 per cent remain the same; and (2011 -45 per cent) – an improvement of 33 per • 65% expect investment in research and cent on 2011. development to increase or remain the same. Figure 2 illustrates the movement on 2011, while Figure 3 looks at the trend in sentiment from 2007 to 2012. 1 Balance percentage of those indicating optimism against those indicating pessimism.
  2. 2. However, significant challenges remain ahead. It is becoming increasingly clear that the global economy isEmployment expectations continue to be weak at -17 per at a point of inflection. It is not yet evident whether thecent (2011 -15 per cent). IBR 2012 shows that Irish export future will be more or less stable than the sustained periodexpectations have fallen from +31 per cent in 2011 to +25 of growth and stability that has existed since the 1980s orper cent in 2012. arguably since the end of World War II. It is clear however Europe represents 58 per cent of Irish exports. The that the main issues shaping the global economy are notregion looks set to slip into recession in 2012 and will incremental but fundamental. It is not the rules of the gameimpact the output of the global economy in the process. that is changing but the game itself. The critical gameThe concern for businesses is that a focus on austerity changers are:rather than economic growth is damaging their own growth • Europe - at best Europe faces a sustained period ofprospects. austerity, low growth and lack of unity. Some believe According to the Irish Export Association (IEA), Europe faces a lost decade similar to Japans lost twoexports in 2011 increased by 5 per cent (compared to decades.expectations of 7 per cent at the start of 2011), with • emerging economies - global growth will be driven byexports growth forecast at 3 per cent in 2012. emerging economies with all four BRIC economies Globally, the latest IBR reflects a polarisation of forecast to be in the G7 by 2020 - with UK and Francebusiness confidence between the more advanced exiting. In the short-term the speed of the change willeconomies (European Union and North America) and be dictated by the impact of the Eurozone difficultiesemerging economies. Figure 4 illustrates the drop in and in China particularly on the impact of current fallingsentiment across the EU while Figure 5 illustrates property prices, potential impaired bank loans andsentiment in BRIC nations - the EU appears on a potential reduction in export growth. Notably it is onlyfundamentally different long-term trajectory. the rate of change, not the underlying change itself that is not clear. • regulation - light touch regulation and the ‘market knows best’ approach looks to have failed and a long period of high regulation has begun. • credit – inexpensive and easy access to credit has been a significant factor in the current crisis. As the banking system rebuilds itself, credit will be less available and more expensively priced, thus suppressing growth and asset prices. • technology – m (mobile)-commerce looks set to drive customer buying behaviour and organisational efficiency in a borderless business environment over the coming years. It has always been difficult to run a business to maximise the long-term opportunity while trading through the short-term obstacles and threats.2 International Business Report 2012 - Ireland
  3. 3. IBR 2012 has identified greater optimism and spirit inIrish business with turnover, selling prices and profitsexpected to continue to stabilise in 2012. Businesses whichadapt their business model for the enduring impact ofEurope, BRIC nations, regulation, credit and technologywill be the most successful in the next decade.Patrick BurkePartnerAudit – Dynamic Business International Business Report 2012 – Ireland 3
  4. 4. International Business ReportresultsContents05 Ireland results09 EU results12 Global results and emerging economies focus4 International Business Report 2012 - Ireland
  5. 5. Section 1Ireland resultsBusiness outlook Irish businesses appear in the lower leftThe challenging domestic economy and quadrant with GDP growth forecast to be 1 peruncertainty in the Eurozone have clearly had an cent in 2012.impact on Irish business expectations for 2012. Irish businesses are ranked as the 5th most42 per cent (2011 65 per cent) of businesses optimistic of the 13 EU countries surveyed inremain slightly or very pessimistic about the IBR 2012 (2011 12th) and are one percentageeconomic outlook in 2012 (globally 36 per cent point above the EU average of 29 per cent.and EU 46 per cent). 30 per cent (2011 21 per This may reflect the fact that Irish businesscent) of Irish businesses were slightly or very leaders have dealt with change and a difficultoptimistic for the economy for the next twelve trading environment for a number of years;months (globally 36 per cent and EU 29 per whereas other EU countries are only beginningcent). to be affected as the Euro contagion spreads. Figure 6 highlights how business optimism This may give Irish businesses a competitiveand Gross Domestic Product (GDP) growth advantage as they have been through the periodexpectations rank on a global scale for 2012. of internal realignment which our EU competitors look to be only beginning. International Business Report 2012 - Ireland 5
  6. 6. ExportsIBR 2012 shows that global expectations Figure 7 illustrates Irish businesses exportsamongst businesses for exports to improve of goods to BRIC economies in 2011. Thishave fallen from 26 per cent in 2011 to 22 per remains low at 3.7 per cent compared to 81 percent in 2012, with only 4 per cent expecting a cent in the mature EU and US economies.decrease and 22 per cent expecting it to remain Figure 6 highlights the contrast in growththe same. The EU no longer leads the way for opportunities between advanced and emergingexport expectations by region with the balance economies over the next 12 months - a trendpercentage decreasing 9 per cent year-on-year to which is expected to be continued. The latest+20 per cent. The ongoing sovereign debt crisis International Monetary Fund (IMF) forecastand expected austerity has seen both the Asia show advanced economies growing by just 1.6Pacific (excl. Japan)2 and BRIC regions climb per cent in 2011 and 1.9 per cent in 2012. Whileabove the EU as the leading export trading developing Asia (8 per cent), Latin America andblocs at +24 per cent in 2012. the Caribbean (4 per cent) expect high levels of Irish businesses export expectations ranking growth in 2012. It is likely IMF growthhas fallen from 8th in 2011 at +31 per cent to prospects for advanced economies will be10th in 2012 at +25 per cent. This represents a reduced given the expected impact of themarginal decline in expectations with the future Eurozone crisis on the global economy.of the Euro clearly weighing on the minds of According to the United Kingdom’s Centreexport managers strategies. For 2012, Turkey for Economics and Business Research (CEBR)leads the way with +46 per cent of its latest forecasts, the economic shift from ‘westbusinesses expecting exports to increase to east’ looks set to continue over the nextfollowed by India +36 per cent and Germany decade. Asian countries are predicted to move+34 per cent. up the World Economic League Table at the Irish exports are expected to grow by 3 per expense of European economies. Germany iscent in 2012. This level of growth is below the expected to fall from 4th in 2011 to 7th in 2020,5 per cent export growth needed to meet Irish the UK from 7th to 8th, and France from 5theconomic and recovery levels implicit in the to 9th. Notably Brazil has moved from 7th toEU/IMF bailout conditions. 6th position in 2011 overtaking the UK. The Government’s announcement of a‘foreign earnings deduction’ for companiesspending at least 60 days in BRIC nationssignifies a call to action for Irish businesses toshift their attention towards expandingemerging economies.2 For the purposes of the IBR, APAC (excl. Japan) refers to those AsianPacific economies covered by our survey - Australia, mainland China, HongKong, India, Malaysia, New Zealand, Philippines, Singapore, Taiwan,Thailand and Vietnam.6 International Business Report 2012 - Ireland
  7. 7. As illustrated in Figure 8 the sphere of revenue to decrease has increased 1 per cent toeconomic influence is forecast to have changed 24 per cent in 2012.fundamentally by 2020 with all four BRIC 79 per cent of Irish businesses expectnations being in the top 7. profitability to increase or stay the same According to the IEA, exports of goods and compared to 74 per cent in 2011. Stability ofservices to BRIC countries came to €5.58 profitability is becoming increasingly importantbillion of total exports of €171.3 billion in 2011. as an enabler of strategic growth. Future growthIrish businesses continue to lag behind their looks to be funded primarily out of retainedEuropean competitors in these high growth earnings rather than traditional bank debt andmarkets. In the first 9 months of 2011, the EU equity due to the ongoing scarcity of capital and27 countries increased their exports to BRIC by 22.5 per cent (France 9 per cent, Disappointingly, the percentage of IrishUK 12 per cent and Germany 14 per cent), businesses which forecast employment towhereas Ireland only managed to increase increase in 2012 has fallen 2 per cent to -17 perexports by less than 4 per cent. As demand for cent. Overall, 15 per cent of businesses expectinvestment in the emerging economies employment to increase and 32 per cent expectcontinues, the opportunities for businesses to employment to reduce - indicating theget ahead, or to be left behind only increase as continued reluctance to take on new employeescompetition from domestic and other overseas to staff an increase in capacity for whichfirms intensifies. demand is fraught with risk and may not materialise.Revenue, selling prices, profitabilityand employment Research and development and78 per cent of Irish businesses expect selling investmentprices to increase or remain the same comparedto 71 per cent in 2011. The balance percentageincreased to +7 per cent this year compared to-7 per cent last year. 18 per cent expect sellingprices to reduce. Ireland’s forecast annual inflation rate for2011 is under 2 per cent and remains the lowestrate in the Eurozone (average 3 per cent). IBR2012 sentiment on selling prices would indicateIreland’s period of deflation has ended. Irish businesses expectations for revenue toincrease or remain the same have reducedmarginally from 75 per cent in 2011 to 72 percent in 2012. While businesses expecting International Business Report 2012 - Ireland 7
  8. 8. A continued emphasis on research and businesses raising/maintaining R&D spending.development is set to occur in 2012 with Irish This needs to continue to increase if Irishbusinesses expecting R&D to increase or businesses want to get ahead in mature marketsremain the same at 65 per cent (2011 62 per and capitalise on the opportunities beingcent). The increasingly competitive market place presented in emerging economies.accentuates the need to develop key points of 42 per cent of Irish businesses expectdifferentiation in order to maintain and develop investment in new buildings to increase ormarket share. remain the same in 2012 (2011 47 per cent), 62 The importance of R&D investment to meet per cent expect investment in plant andchanging consumer demands and realise new machinery (2011 60 per cent) to increase or staygrowth opportunities cannot be the same. 16 per cent (2011 14 per cent) expectunderestimated. Sustained increases in R&D a decrease in new buildings and 10 per centwill continue to see both selling prices and (2011 11 per cent) in plant and machinery forprofitability improve, as Irish business leaders 2012.respond to dynamic shifts in global markets. Irish businesses need to match and surpassthat of their international competitors if theyare to be truly competitive on a global scale.Figure 10 indicates the percentage balance of8 International Business Report 2012 - Ireland
  9. 9. Section 2EU resultsBusiness outlookWith a balance percentage of -17 per cent, the partially shielded businesses in both economiesEU is the least optimistic region significantly from the economic uncertainty.trailing Latin America3 with +61 per cent. The The sovereign debt crisis has resulted inongoing travails of the Eurozone sovereign businesses in the remaining EU countriesdebt crisis are well documented, with limited surveyed being neutral or pessimistic about theleadership and direction provided by EU coming 12 months. Denmark +0 per cent (2011leaders - the so called ‘muddle through policy’- +40 per cent), Sweden -8 per cent (2011 +76resulting in widespread uncertainty over the per cent) and Finland -48 per cent (2011 +60future of the single currency and economic per cent) traditionally seen as some of the mostoutlook. dynamic and wealthy economies in the EU have Businesses in Germany and Poland are the seen optimism plummet.most optimistic in the European Union at +46 Business outlook in the EU countriesper cent (2011 +76 per cent), and +12 per cent constitutes 7 out of the bottom 10 of(2011 +36 per cent) respectively. The continued Grant Thornton’s 2012 Global Businesssuccess of the Germany export machine and the Optimism Index (see Figure 1). Optimism insignificant capital investment in stadia and Spain remains the lowest in Europe at -62 pertransport for the 2012 European Football cent (2011 -47 per cent), exacerbated byChampionship in Poland and Ukraine has unemployment levels which are the highest rate in Europe at 23 per cent and youth3 For the purpose of IBR, Latin America refers to those Latin American unemployment over 40 percent.countries covered by our survey – Argentina, Brazil, Chile, Mexico and Peru. International Business Report 2012 - Ireland 9
  10. 10. Huge drops have been reported across the Businesses within the EU have revised their‘core’ of the continent including in France (+9 expectations downward for 2012 as consumerper cent to -46 per cent) - which may lose its sentiment declines. German businesses areAAA credit rating endangering the effectiveness ranked first in Europe at +34 per cent (2011of the European Financial Stability Fund - +41 per cent), followed by Greece +32 per centBelgium (+44 per cent to -46 per cent) and the (2011 +24 per cent), Denmark +30 per centNetherlands (+21 per cent to -44 per cent). (2011 +34 per cent) and Ireland +25 per cent Optimism in the United Kingdom has fallen (2011 +31 per cent).45 per cent in 2012 to -35 per cent. Slower The differing dynamic within the EU iseconomic growth at home, as well as the crisis demonstrated in Figure 12 based on IMFin the Eurozone has led to expectations across a growth rates. It is clear that what was up towide number of economic indicators declining recently called a ‘peripheral issue’ is now at theyear-on-year. heart of Europe and will require resolution Unlike the EU were quantitative easing has rather than further muddle through and divisivebeen frowned upon, the Bank of England has date pumped £275 billion into the Britisheconomy through a series of quantitative easingrounds. A further £100 million is expected inthe first half of 2012 to boost the economy. Italy, where optimism stands at -20 per cent(2011 +17 per cent), must issue over €100billion of government bonds in the first quarterof 2012 alone. Unlike its counterparts in theUK and US, the European Central Bank (ECB)hasn’t officially printed money in order topurchase bonds off countries with highsovereign interest rates such as Italy. Instead, ithas offered liquidity to troubled Europeanfinancial markets by cutting interest rates.Recently it has offered the regions banksunlimited liquidity of up to three years, with thehope that the banks will provide money totroubled economies such as Italy, as well asbusinesses and consumers. A hope which nowlooks unlikely to materialise. Increased pessimism in the EU is partreflective of ongoing economic uncertaintycaused by the ‘muddle through policy’, as wellas various programs of austerity in the EU, ascompared to the emerging economies whereaccess to credit and government intervention,has proven positive for business.ExportsExport expectations across businesses in theworld’s largest trading bloc have decreasedsignificantly. The protracted nature of the debtcrisis, rising levels of unemployment in manyEU countries and muted wage growth hasdampened confidence across the region.10 International Business Report 2012 - Ireland
  11. 11. Revenue, selling price, profitability andemploymentThe EU significantly lags behind emergingregions when it comes to expectations ofbusiness performance. Economic indicatorsincluding revenue, selling price and profitabilityare at the lowest level in the EU since thefinancial crisis began in 2008. In emergingeconomies, these economic indicators areexpected to be more than double that of theEU average over the next 12 months. Businesses across the continent are findingthe trading environment a challenge, as lowerbusiness performance outlook has spread from businesses with the foresight to boost activity inthe periphery. Revenue expectations have fallen this area look set to reap the richest 27 per cent to +25 per cent over the next 12 Figure 14 highlights the large disparity betweenmonths. European businesses expect selling mature markets and the BRIC and Latinprices to remain weak at +11 per cent (2011 America regions with regard to investment in+20) in 2012. Businesses profitability research and development.expectations are set to remain low at +13 per Expectations for investment in newcent, a drop of 25 per cent year-on-year. buildings are lowest in the EU (+5 per cent). In Businesses in Europe could be facing a more terms of plant and machinery, investmentpermanent and lasting decline in growth, with prospects are weak across the advanced regions,business performance indicators and growth with the EU (+24 per cent), and G74 countriesremaining weak throughout the EU. (+31 per cent) all below the global average (+35 European business views on employment per cent). The situation in Europe is particularlyremain cautious with 60 per cent of businesses difficult. Government austerity measures haveexpecting employment levels to remain the dried up lucrative public sector contracts andsame (2011 59 per cent), 23 per cent (2011 29 increased taxation is undermining businessper cent) expecting an increase and 16 per cent confidence and investment potential.(2011 12 per cent) expecting a decrease. In the European Union, prospects for growth remain extremely low. Businesses haveResearch and development and to work harder than ever to maintain marginsinvestment and competitiveness in the face of powerfulA lack of investment in R&D is a concern for economic headwinds. Vital to the situationthe long-term prospects of Europe. With improving or deteriorating is the fate of theemerging economies heavily investing in R&D, Eurozone.Europe may be unable to compete in the The resolution of the crisis, therefore,medium to long-term without a change in their remains top of governments and businessespriorities. Europe provides a huge export across Europe wishes for for emerging nations, with businessesfrom these economies increasingly threatening For Irish businesses this signals an exportthe domestic base of Europe’s businesses. environment set to remain challenging over the next 12 months with Ireland’s major Eurozone It has long been the case that it is difficult to partner economies set to contract or a business to maximise the long-term Irish businesses increasingly need to lookopportunity while trading through the short- outward to non-traditional export markets toterm obstacles and threats. In the short-term circumvent flagging growth in our mainbusinesses can survive by squeezing the most European trading partners’ economies.out of existing products and services, but thiscannot continue into the long-term without 4G7 countries: Canada, France, Germany, Italy, Japan, UK,damaging future growth prospects. Those United States International Business Report 2012 - Ireland 11
  12. 12. Section 3Global results and emergingeconomies focusBusiness outlook Congress, as well as the turmoil in EuropeThe latest research shows that global business limiting business optimism to +1 per cent foroptimism for the next 12 months stands at a net 2012 (2011 +22 per cent). Overall the prospects0 per cent, i.e., those business leaders feeling of a US recession in 2012 appear low which isoptimistic (36 per cent) about their economies very good news for the global 2012 less those feeling pessimistic (36 per Australian businesses expect demand andcent). revenues to increase in 2012. Optimism amongst Australian businesses remain well above the global average at +24 per cent (2011 +38 per cent) for 2012. The medium term outlook in Australia continues to be characterised by aggressive investments in the mining industry and by strong growth in resources export. While the unwinding of the fiscal stimulus, cautious behaviour of households, and the higher exchange rate remains a concern impacting business sentiment outside of mining and related industries. In New Zealand, 2011 was far from smooth. Three massive earthquakes caused huge disruption to businesses and their employees. Optimism has bucked the trend of almost all advanced economies increasing by 3 per cent for 2012 to +36 per cent. Order books and revenue expectations are also expected toThe regional picture, is however, more remain resilient in 2012.accentuated with optimism levels in developing The importance of emerging economies hasregions significantly higher than advanced been brought into sharper focus as the worldregions. economy struggles to recover. With the global The US is expected to see a marginal economy forecast to expand by around 4 perincrease in both order books and revenues in cent in 2012, growth will be driven by emerging2012 as business leaders expect to see a economies.strengthening of consumer spending and a pick- Latin America for the second consecutiveup in residential fixed investment. Businesses in year leads the way regionally at +61 per centthe US, however, remain vulnerable with (2011 +75 per cent). Growth expectations inongoing discussions to balance the budget in this region, albeit slower than last year, remain12 International Business Report 2012 - Ireland
  13. 13. resilient, driven by Brazil’s expanding economy, businesses in both regions set to profit directlywhich has boomed on the back of exports to in 2012.China and eastern Asia. This success has ledBrazil to overtake the UK to become the Revenue and demandworld’s sixth-largest economy (see Figure 8). At a global level, some 40 per cent of output The success of Brazil (+74 per cent) has had comes from emerging economies, coupled witha positive impact on its closest trading partners a much greater share of global growth. As awith Peru (+78 per cent), Chile (+52 per cent), consequence businesses in many emergingMexico (+50 per cent) and Argentina (+24 per economies look well placed for increasedcent) all expecting business to remain strong demand and higher revenues. Figure 16into 2012. illustrates the relationship between revenue and The BRIC nations outlook for 2012 remains demand in the 40 countries surveyed. Improvedcollectively positive at +34 per cent (2011 +54 prospects for both economic indicators reflectper cent). However, aside from Brazil which has strong business confidence in many emergingseen optimism fall marginally by 4 per cent economies for 2012 - the top right handyear-on-year, the other economies have seen expectations decrease significantly. Businesses in the lower right quadrant areBusiness outlook in Russia -4 per cent (2011 confident about revenue growth, but less so+35 per cent), India +58 per cent (2011 +93 about orders. They include some of the large,per cent), and mainland China +22 per cent rapidly expanding emerging economies such as(2011 +41 per cent) demonstrate increased China, India and Turkey. Further and fastercautiousness amongst business managers in integration into the world economy hasthese economies as they become increasingly exposed businesses in these economies to theexposed to strong global economic headwinds. slowdown in mature markets - where decision Nevertheless, a gradual shift in wealth from making is now month to month due to low‘west to east’, as well as the global demand visibility of the future global economy.placed on vital commodities such as energy and In mainland China, uncertainty about risingfood is driving a rebalance of the world inflation, higher commodity prices, decreasingeconomy with many Asian and Latin American exports, falling property prices and lower 13
  14. 14. factory production, is weighing on the minds of increase investment in new buildings in 2012,Chinese business leaders. The EU is China’s 57 per cent new plant and machinery and 40 perbiggest export market with 2010 exports being cent in R&D. Similarly businesses in mainlandone third up on 2009. The threat of a further China are expecting to increase investment inreduction in orders for Chinese products in R&D by 58 per cent and plant and machineryEurope will continue to impact business by 41 per cent.sentiment in this high growth market. Innovation is one of the main pillars of mainland China’s new five year plan withProfitability expenditure on research and development toExpectations for profitability have remained account for 2.2 per cent of GDP per annum bystrong for the next 12 months. This continues 2015.the trend from IBR 2011 and is extremelypositive given the dramatic fall in 2009 whenprofitability prospects turned negative for thefirst time in IBR history. Once again businessesin emerging economies dominate the top spotsfor profitability expectations, with Vietnam(+90 per cent) followed by Georgia (+78 percent), and then China (+61 per cent), Brazil(+60 per cent) and India (+57 per cent). On apurchasing power basis, China could overtakethe United States in 2016 as the world’s largesteconomy, although it will remain markedly lesswell off on a per capita basis. This is interestingto note for Irish businesses whose key trading In emerging economies, business growthpartners by value remains the United States and does not necessarily require high prioritisationthe EU. of investment in R&D. However, businesses are Similar to global business optimism where increasingly investing in R&D as they face aseven out of the bottom ten most pessimistic very tough competitive environment with manycountries were from the EU, four of five of the foreign companies starting operations locallymost pessimistic countries regarding and bringing their own production techniquesprofitability are also from the EU. and processes. To remain competitive, businesses in emerging economies are increasingly developing their own product and services to counteract the threat of overseas companies. Figure 18 illustrates the increase in expenditure by business leaders in emerging economies to create sophisticated ‘new’ products and services rather than ‘imitate’ western products as they did in the past. While optimism has reduced somewhat in emerging economies, the outlook remains extremely positive in comparison to the US andResearch and development and EU. As these emerging economies expand,investment households become increasingly wealthy,While many businesses in mature markets are resulting in increased consumer demand,being forced to focus on cost savings and the particularly for the middle class in thesebottom line, investment sentiment remains economies which are expected to explode instrong in emerging economies. In Latin size over the next decade.America, 33 per cent of businesses expect to14 International Business Report 2012 - Ireland
  15. 15. The Grant Thornton International Business Report (IBR) is a quarterly survey of around 2,800 senior executivesin privately-held and listed businesses all over the world. Launched in 1992 in nine European countries the reportnow surveys more than 11,500 businesses leaders in 40 economies on an annual basis providing insights on theeconomic and commercial issues affecting companies globally.To find out more about IBR and to obtain copies of reports and summaries please The site also allows users to complete the survey and benchmark theirresults against all other respondents by territory, industry type and size of business.Participating economiesArgentina MalaysiaArmenia MexicoAustralia NetherlandsBelgium New ZealandBotswana PhilippinesBrazil PolandCanada PeruChile RussiaMainland China SingaporeDenmark South AfricaFinland SpainFrance SwedenGermany SwitzerlandGeorgia TaiwanGreece ThailandHong Kong TurkeyIndia United Arab EmiratesIreland United KingdomItaly United StatesJapan Vietnam © 2012 Grant Thornton. All rights reserved. Member of Grant Thornton International Limited Authorised by the Institute of Chartered Accountants in Ireland to carry on investment business.