Hong Kong sees investment improve and confidence in economic prospects
Wider Asia Pacific region sees recovery in business confidence
HONG KONG and MACAU, Feb. 19, 2013 /PRNewswire/ -- Global business confidence dropped marginally in the fourth quarter of 2012, according to a survey of 1,994 finance professionals around the world. 43% of global respondents reported decreased levels of business confidence (up from 41% in Q3), while only 19% reported improved confidence levels. Meanwhile, 30% of respondents considered that the global economy was on course for recovery (up from 29% in Q3), while 65% (down from 67%) believed it was stagnating or deteriorating.
The Global Economic Conditions Survey, carried out in partnership by ACCA (the Association of Chartered Certified Accountants) and the Institute of Management Accountants (IMA) is the largest regular economic survey of accounting professionals in the world, both in terms of the number of respondents and in terms of the numbers and scope of economic variables it monitors.
Business confidence recovered in the Asia Pacific region in late 2012, driven mostly by mainland China and Australia, along with Hong Kong SAR and Malaysia which also saw confidence gains.
Erica Chen, Head of ACCA Hong Kong, said, "Despite this recovery in business confidence, views amongst Hong Kong finance professionals varied when it came to sentiment about the global economy -- 10% said the recovery was at the bottom and will improve, while 36.7% said it would get worse. Looking wider at the Asia Pacific region findings, this could be down to uncertainties over income and access to finance which have both fluctuated."
The least confident country in the global GECS sample is Cyprus, where nearly 65% of respondents feel less confident about the economy, probably due to the continued aftershocks of the Euro crisis.
Other findings for Hong Kong show that:
Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research, observed, "In the US, the picture is completely different. Perceptions of the US economy in the last six months have been dominated by politics -- the Presidential election and the fiscal cliff. Responses to our survey clearly demonstrate the effects of this, with some respondents saying explicitly that they feel polarisation and uncertainty are themselves hurting the US economy. This is evident in the behaviour of businesses, with capital spending and job creation falling throughout the last six months and US respondents reporting fewer opportunities for their organisations across the board."
Looking ahead Erica Chen concluded, "Going into 2013 there are reasons to be optimistic; rising employment levels, an end to the slowdown in China, a less volatile situation in Europe and a temporary resolution to the US fiscal cliff crisis are all positives which should impact the global economy in the year ahead. But there's no denying the fact that the fundamentals are deteriorating and business conditions on the ground are becoming more challenging. Meanwhile, the economics and politics of stimulus and austerity will be debated furiously until growth takes a sharp turn for the better, or worse. It remains to be seen how the global economy will impact on Hong Kong and the Asia Pacific region in future months."
Here is the link to the full report:
http://www.accaglobal.com/content/dam/acca/global/PDF-technical/global-economy/tech-ms-gec16.pdf
Notes to editors:
About ACCA
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. As the first global accountancy body entering into China, ACCA now has over 22,600 members and 42,500 students, with 7 offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Hong Kong SAR, and Macau SAR.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accounting professionals bring value to economies in all stages of development. We aim to develop capacity in the profession and encourage the adoption of consistent global standards. Our values are aligned to the needs of employers in all sectors and we ensure that, through our qualifications, we prepare accountants for business. We work to open up the profession to people of all backgrounds and remove artificial barriers to entry, ensuring that our qualifications and their delivery meet the diverse needs of trainee professionals and their employers.
We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills needed by employers. We work through a network of 83 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development.
About IMA® (Institute of Management Accountants)
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.
