According to a panel of senior IT experts speaking at a Kaizo roundtable today, business was not facing up to the prospect of recession until the attacks.
John Rade, president and CEO of New Jersey-based e-business provider AXS-One, said the act of terrorism had given business managers ‘the backbone to do what they should have been doing months earlier.’
Rade, added: ‘Companies knew a recession was on the way even before 11 September, but chose not to admit it. Many have since taken short, sharp actions to cut cost-bases, which will mean the economy climbing out of recession much quicker than it might otherwise have done.’
With countries such as the US and UK at war, the panel also explained that extra government spend on the campaign in Afghanistan would help boost sectors such as technology, as the spend would filter through into the economy.
Richard Collins, managing director of Quantum ATL, added: ‘Since 11 September, we have already seen signs that e-business is showing signs of resurrection, while amazingly enough technology stocks have already made dramatic climbs.’
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