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by Vault Consulting Editors | October 07, 2009

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Insights from PwC Chairman Dennis Nally in the opening half hour of the second day of the World Business Forum at Radio City Music Hall in New York.

Nally believes that the worst of the economic turmoil is behind us at this point: “Things are beginning to change now. We’re starting to get more optimistic reports about the global economy.” As evidence, he pointed to recent predictions from various sources that put global economic growth between 2 and 4.5 percent in 2010. No prediction, however, on what a jobless recovery might look like, or the long-term implications of that for the global or U.S. economies.

Still, Nally’s main message was clear: “I think we have reached the point where we can stop reexamining the past and, quite frankly, start looking to the future.”

However, that came with a serious caveat: Nally doesn’t believe that a sustained global recovery will come without a restoration of trust—between people and companies, and between companies and government. The answer? As Nally sees it, more transparency, and greater adherence to international financial reporting standards.

--Posted by Phil Stott, Vault Staff Writer

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