Optimism is on the rise when it comes to economic growth, according to the sixth annual American Express/CFO Research Global Business & Spending Monitor.

The Monitor, a survey of senior finance executives from the United States, Europe, Canada, Latin America, Asia and Australia, found that fifty per cent of Canada’s finance executives plan to support top-line growth this year, while improving profitability through modest spending and investment.

Additionally, 31 per cent plan to increase real spending and investment by more than 10 per cent, compared to only 17 per cent of CFOs in the U.S.

The survey highlighted further differences between Canadian CFOs and their U.S. counterparts when it comes to optimism. Only 9 per cent of Canadian CFOs expect political gridlock and uncertainty to negatively affect economic growth in Canada, compared to half (50%) of financial executives in the U.S., who are bracing themselves for the effects that the European recession and political uncertainty will have on their economy.

The confidence seen among Canadian executives appears to be impacting their planning cycles as well, with nearly two thirds (63%) of Canadian CFOs claiming they have not shortened their planning horizon in response to increased market volatility in the past two years. Another 47 per cent say it’s unlikely for them to do so in the next year.

“With many markets shortening their planning cycles in response to political and economic conditions, it’s extremely encouraging to this level of confidence and optimism in our market,” says Paul Parisi, vice president & general manager, global corporate payments, American Express Canada. “The results indicate that Canadian CFOs are still looking ahead at long term opportunities for growth and spending rather than merely trying to survive in the short term.”

There is also a strong indication that Canadian CFOs will focus on both local and international expansion. The survey shows that over half of Canadian finance executives (53%) will focus primarily on increasing sales within the domestic market, yet the expansion into emerging markets remains lucrative.

Eighty four per cent of Canadian Finance executives planning to expand global activities in the next year with the majority expanding operations into China (56%), India (41%) and Brazil (34%). Comparatively, more than a quarter (26%) of U.S. executives do not plan to expand globally this year.