Euro zone crisis wiped off $2 trillion of global revenues: report
19 Dec 2012
The euro zone financial crisis has wiped off an estimated $2 trillion in revenues globally, according to a latest report published by independent professional service network Grant Thornton International Ltd.
The International Business Report (IBR), brought out by Grant Thornton South Africa said that four in ten businesses globally have affirmed the negative impact of the crisis on their business.
The current analysis is based on data gathered from interviews with top executives of 3,050 listed and privately held businesses from all industrial sectors across the globe, conducted in August-September.
Grant Thornton Johannesburg CEO David Campbell said: ''It's tricky to pin an exact figure on the total revenue lost as a result of the euro zone crisis. But our calculations, based on the IBR results and the proportion of global GDP accounted for by corporate revenues, suggest that businesses have lost close to $2 trillion as a result of the crisis.''
The report also highlights the long-term damage to the prospects of the European Union as businesses consider doing less trade in the in the future.
In the US, the world's largest economy, 11 per cent of the businesses say the crisis has caused a 10-per cent drop in their revenues.
