The next 12 to 18 months could be even tougher than the last with a fresh economic slump not out of the question, according to the head of PricewaterhouseCoopers (PwC) Scotland.
Executive chairman Frank Blin told the Scotsman that the journey post-recession would be long and hard.
He said: "Clients have driven substantial efficiencies into their business but the search for top line growth will be challenging.
"In addition, funding will still be tight particularly in the small to medium-sized enterprise and mid-market sectors. The jury is out as to whether there will be a double-dip recession and the property sector is undoubtedly not out of the woods."
Mr Blin was speaking as PwC posted turnover growth of four per cent to £2.33 billion in the 2009-2010 tax year.
In the financial year, PwC was placed first in The Times Top 100 Graduate Employers survey and voted number one in the UK 300 survey at the Guardian's National Graduate Target Awards.
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