Central Europe CFO Survey - January 2014
Challenging times but optimistic expectations
On 6 March, Deloitte held the first CFO Conference in Bosnia and Herzegovina at the Hotel Bristol in Sarajevo, attended by more than 50 businessmen from the Bosnian-Herzegovinian territory. The purpose of the Conference was to provide to the business community an objective overview of key economic development indicators for Bosnia-Herzegovina as well as the broader and the wider region. The Conference was opened by Alastair Teare, CEO Deloitte Central Europe, and the survey results were presented by Sabina Softić, Partner at Deloitte Sarajevo.
The Conference included a panel discussion, moderated by Sabina Softić, about the revised role of CFOs in modern organisations. Participants at the discussion were Sanela Pašić, (Raiffeisen Bank d.d. Bosna i Hercegovina, Bord Member), Amir Softić (Sparkasse BH d.d. Sarajevo, Bord Member), Dalibor Pajić (CFO at Fabrika Cementa Lukavac d.d.) i Marina Tonžetić (Audit Director, Deloitte Croatia).
After the fall in GDP in 2012, Bosnia and Herzegovina reported flat growth of 0.5% in 2013. In 2014, GDP is expected to grow by 1.5%.
- Despite financial and economic uncertainties, a majority of BiH CFOs feel optimistic about their companies’ financial prospects
- Cost reduction and growing revenues from existing and new markets are seen as priorities for the year ahead
- BiH CFOs predict that the economy will keep stagnating in the next year (71% predict stagnant growth in GDP)
- A slight increase in unemployment levels is expected in the coming period, while significant talent shortages are anticipated for the finance area, particularly at the middle and top levels.