Asia-Pacific executives wary of short-term prospects

Asia-Pacific executives wary of short-term prospects

Deutsche Presse-Agentur Singapore

Executives from the Asia-Pacific's developed economies are losing confidence in their countries' short-term prospects, a survey showed on Tuesday.

Respondents from the region emerged the least optimistic about the next six months, although those from India and China were the most upbeat, according to a poll by the management consultancy firm McKinsey.

Its Global Confidence Index dived from 66 points last January to 59 points in March after polling 9,300 executives from 130 countries, said the findings published in The Business Times.

Fifty points or more represents optimism.

Japanese and South Korean executives were among the least optimistic. "Several of these nations face slowing growth, as well as increasing competition from China and India, McKinsey said.

Overall, 37 percent of those who participated in the global survey said they expect to increase their workforce, while 16 percent said they anticipate layoffs. The biggest proportion is looking at maintaining stable staff strength.

Those in the consumer sectors, including agricultural, consumer packaged goods, healthcare, media/entertainment, pharmaceuticals, retail and travel, were the least upbeat.

More than half of the executives from the information technology and telecoms sector anticipate a brightening over the next six months. New telecom jobs will be concentrated in India and North America, McKinsey added.