Bob Grant Senior Vice President Global Transaction Banking Sales at Scotiabank

The other day I came across a news headline, 'The Return of Optimism'. It was keeping company with 'World Bank says Recession Worse than Thought'. And this gave me cause to think.

We are overwhelmed daily with reports on the global recession that flip between good and bad, making it difficult to really know where we stand. But there are signs the pace of contraction is waning. Recent forecasts from Scotia Economics and others indicate we may be transitioning from recession to economic recovery, but it will likely not be a quick or sharp bounceback.

There are, of course, hurdles to cross as we deal with the ups and downs of the economy, industrial restructuring and the rebuilding of balance sheets in financial and non-financial sectors. As well, our expectations will also have to be adjusted to the 'new normal'. An economy where previous growth rates won't be seen for a while and it will take years before many organizations return to their former levels of profitability.

However, early signs of recovery are being seen today with the renewed momentum of the world's economic leaders in the United States and China, the credit environment 'normalizing', and stimulus efforts enabling a boom in infrastructure spending.

Maintaining and even growing trade will be important in sustaining global recovery, so it was gratifying when Scotiabank was recently recognized as the Best Trade Bank in Central America and the Caribbean in an annual readers' poll held by Trade Finance Magazine. We'd like to thank everyone who recognized us as an industry leader.

In this issue of InterAction, you can find out more about Canada's robust banking and trade finance environment in an article originally published in Trade Finance magazine, which includes comments from our Trade Finance leaders. We also take a look at succession planning and introduce you to an entrepreneur who sold a majority stake in his business to pursue other interests - a hot topic as many baby boomers reach retirement age and find themselves in similar situations. Finally, we highlight a new program developed along with Shell Canada to provide financing and banking services for their independent business owners to help them achieve their business goals.

On a personal note, summer is finally here and it's hard not to be optimistic with the great weather and the many activities this season offers. I hope you have an enjoyable and safe summer, and as always, I encourage you to share your comments with me on InterAction.

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