Companies fear the worst is yet to come

MOST firms fear the recession is going to get worse before it improves, although pay rises of 2 per cent are expected this year.

A survey of 134 organisations by management consultancy Hay Group showed that two-thirds of managers anticipated an upturn in business in the next 12 months.

But more than nine out of ten of those questioned said they believed the worst of the recession was not yet over.