Impact of the Global Economic Downturn on the Services Industry
Service Strategies Corporation – March 2009
Courtesy: Greg Coleman, Principal / Vice President Strategic Programs of Service Strategies Corporation
Since the start of the global financial downturn, economists have struggled to accurately predict what will unfold over the course of 2009. The outlook continues to be daunting for most sectors. Even with the US Government’s unprecedented moves to bailout the financial industry and the passage of the largest economic “stimulus” package in US history, it remains unclear if these actions will drive improvement in the economy over the next twelve months.
While some economists predict continued contraction throughout the year, others see improvement by late 2009. The uncertainty that prevails in the market has created an extremely challenging environment for business executives.
“…We know we need to keep closer communication with our customers to determine what service product modifications will enhance their ability to survive and grow. If our customers are successful, then we will be successful.”
Anonymous Survey Respondent
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