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Commenting on this month’s report from the Recruitment and Employment Confederation and KPMG, which claimed that the UK labour market might be starting to peak and is likely to weaken next year, JBS Associates MD Jonathan Stokes urged employers to remain upbeat about global recruiting prospects.

The REC/KPMG report talks of the lowest growth in permanent placements for 13 years in the UK and the slowest pace for demand in permanent staff for 17 months, raising fears, according to the FT, that the recent credit squeeze is beginning to "cast a shadow over the jobs market".

Said Stokes: "The ninth Geneva report on the World Economy published today by the Centre for Economic Policy Research responds to recent reports on the credit squeeze by citing that the global financial market is more stable now than 20 years ago and that despite current financial turmoil, there is no systematic financial crisis. As employment and global business professionals we should take heart from this kind of level-headed prediction and do our part to dampen fears of an economic down-turn."

In direct contrast to the UK market experience, JBS Associates has witnessed substantial growth in its international client list and assignments and the company remains positive about the global recruitment market in general.

"Whilst many nationally-based organisations can be hit hard by country-specific financial unease, the large number of companies that operate across the globe today are in a different position. They have a far greater ability to ride out country or region-specific problems by balancing out deficits with other high performing regions. Our client group has performed extremely well over the last five years, particularly in emerging markets, and we predict sustained growth for the international recruitment market in both the short and mid-term."