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.
Canadian 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."
There are 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