South west business leaders have identified the key sectors they believe will lead the region’s recovery and help to head-off the threat of a double-dip recession.
More than 100 directors contributed to the report South West Outlook – Recession to Progression – commissioned by accountant BDO.
The most common view was that the recovery will be led by key sectors rather than business size. When asked to identify the sectors most important to the region’s economy, 28% named technology, media and telecoms (TMT), 26% manufacturing and 23% tourism. Aerospace was also highlighted as a niche area with a vital role to play in the south west’s recovery.
The challenges facing each sector are different but the majority of respondents (31%) highlighted funding and investment as the most significant issues, particularly for those in manufacturing and technical industries.
Respondents were divided about whether the south west had unique challenges compared with the rest of the UK, but agreed that there were specific issues centred on geography, demographics and infrastructure which affected businesses in the region.