CHICAGO - U.S.-based multinationals are optimistic about the U.S. economy, though 44% predict that recovery for their own business will not occur until the second half of 2010 or later, according to a survey done by PricewaterhouseCoopers.

Overall, average 12-month revenue growth projections doubled from 1.3% in the prior quarter to 2.7% in the third quarter. The majority are optimistic about prospects for the US and world economies over the next 12 months, and very few are now pessimistic. Lack of demand remains the chief potential barrier to business growth over the next 12 months as concerns about legislative/regulatory pressures and taxation policies rose sharply.

PricewaterhouseCoopers interviewed 130 senior executives of U.S.-based multinational companies between July 27,2009 and October 30, 2009, about their current business performance, the state of the economy and their expectations for business growth over the next 12 months.

Overall, the outlook for own-company revenue growth over the next 12 months has improved notably among senior executives of U.S.-based multinationals as they hold steady on costs and new hiring and begin to see some relief with new demand. Most panellists agree, however, that despite a more positive outlook, their businesses will not recover from the economic crisis until 2010. Forty-four percent believe that their business will not recover (defined in the survey as a stabilization and return to growth) until the second half of 2010 or later.

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