More than 65% of insurance brokers are optimistic there will be no economic recession in 2002, saying the threat has been blown out of proportion, a new survey shows

But almost 30% think there will be a recession, but that it will be short-lived.

And almost 80% think their businesses are weighed down by too much red tape.

These findings come from a survey of 509 brokers conducted in 2001 between 5 November and 17 December by employment law firm Peninsula.

The survey also showed that if faced with a recession, 69% of brokers would consider redundancies as a cost-cutting option.