Lessons Learned from Global Financial Crisis
January 15, 2012
In the second half of 2008, the world saw the beginnings of the most significant economic disruption in more than 50 years. After initial problems in the global credit markets, the economies of most nations were negatively affected with recession becoming the norm.
The resulting challenges to public financial managers have been enormous. Faced with unpredictable economic flows and a demand for government response, governments had to assess the economic impact on their countries, evaluate policy options, and chart a course to counter immediate negative impacts while laying a foundation for future growth.
A new survey of global financial management leaders, conducted by the Grant Thornton LLP Global Public Sector on behalf of the International Consortium on Governmental Financial Management, examines both the impact and the responses to the economic upheavals of the last several years from a public financial management perspective. It seeks to provide insight into the choices made by government financial leaders and the tools employed to respond to the public financial management challenges that have arisen.