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2014 Q3 Belgian CFO survey

Amid more uncertainty, declining optimism

“Non-economic events and the worsening of the economic outlook for the Eurozone, which are at the centre of concern for the global economy, drive the mood of CFOs.”

Non-economic events - including the spread of Ebola, conflicts in the Middle East and in Eastern Ukraine - and the worsening economic outlook for the euro area, which are at the centre of concern for the global economy, drive the mood of CFOs. Performance to budget remains strong and CFO appetite for risk lies well above the multi-year average, but CFO optimism has nonetheless dropped significantly in the third quarter. CFOs are once again above all concerned about the economic outlook and the pace of recovery, especially in the Eurozone. One third of our survey panel reports suffering negative impact of the EU economic sanctions against Russia. On the positive side, for the first timesince the launch of the survey CFOs are positive about the government’s (planned) financial and economic policymaking and its likely impact on the competitiveness of the Belgian economy.

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