A periodic survey of commercial lenders by Phoenix Management shows that sector has hopes for a dramatic recovery in the economy - but they don't agree when it will happen.
Three-quarters of the 120 lenders who participated in the survey said that improvement will occur in the next six to 18 months. However, 40 percent said it would occur by the end of this year, while another 36 percent said recovery will not occur until next year and 17 percent said recovery would not occur until 2005.
Overall, lenders upgraded their rating of the economy to a C from the D+ they rated it last quarter.
Three quarters of respondents also said their customers expect moderate growth over the next six to 12 months. However, another 22 percent said their customers expected no growth. Nearly 60 percent of lenders said that the most important step needed to stimulate the economy is corporate tax incentives to create new jobs.
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