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Companies in the United States and Germany are the most optimistic about the timing of the recovery, with two-thirds believing that their government actions will improve economic conditions. Across the sample, only 17 percent expected an L-shaped recession. This was distorted by the high number (22 percent) in Spain and an astonishing 41 percent of companies in Japan that expect an L-shaped recession. Arguably, the Japanese companies have seen all this before and have based their expectations on bitter experience. Given their optimism regarding their own company's fortunes, respondents were surprisingly pessimistic about some of the developing new realities in the global economy.
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