Managing Partners From EMEA Discuss Market Conditions And Outlook For Leadership Post-Recession
EMA Partners International’s Managing Partners from the EMEA region convened to share local market experience and gauge the outlook for leadership as the region emerges from recession.
The majority of the EMEA offices reported that their local economies were well into recovery mode; however, results across the region vary significantly. Yves Kernevez, Managing Partner for France, remarked that there was still widespread pessimism in the French market as the government has failed to address its over-spending. However, there is some encouragement in certain sectors, most notably aerospace, automotive and luxury goods.
James Douglas, Managing Partner for the UK, said that the government’s implementation of a major deficit reduction programme is showing effectiveness in some industry sectors. Banking and financial services are showing signs of activity and the energy sector is also showing strong growth. Rudolf von Bunau, Managing Partner for Germany, said the economy is slow to stabilize and that the overall growth in GDP for 2013 is estimated to end up at 0,5%. Alberto Miranda, a Managing Partner at EMA Partners Spain and EMEA Regional Chairman, observed that countries in the Mediterranean region are suffering as a result of harsh deficit reduction programmes and, as a result, unemployment is extremely high in countries such as Italy, Spain and Portugal.
Chris Hardy, a Managing Partner at EMA Partners South Africa, said: “While South Africa’s GDP has declined to an average 2% over the last year, largely due to an economic contraction by its main trading partners China, the EU and the USA, other countries in Sub-Saharan Africa have been experiencing GDP levels of 5% or more. Business though continues to display resilience, and GDP is forecast to reach 2.8% in the year ahead.
In the countries that were particularly exposed to the economic crisis – Spain, Portugal, Italy – executive recruitment is estimated to be down by at least 50%. In other areas, notably Germany and the UK, employers have been conscious of the need to retain skilled staff for the inevitable up-turn and have displayed ingenuity in offering new ways of employee engagement.
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