RI most pessimistic nation

RI most pessimistic nation

Indonesians are the most pessimistic people in the Asia Pacific region when it comes to the economy, a survey published in Hong Kong Thursday has found.

Only 17 percent expect to see a recovery by the second quarter of 2003 with half saying the chance of it getting worse was their major concern - more worrying than job security, health and terrorism.

The Japanese and Thais were the next most pessimistic nations with only 22 and 25 percent respectively believing in an imminent recovery.

On the other hand, the Indians, Singaporeans and South Koreans emerged as the most optimistic with around 70 percent believing the recovery would occur within the year - a much higher figure than the regional average of 47 percent.

The survey, carried out in July by marketing information specialists ACNielsen, questioned almost 8,000 people in 13 Asia Pacific countries including Australia, China, Hong Kong, Japan, Singapore, Taiwan and Thailand.

It found consumer confidence had worsened in the last six months and that 99 percent of people polled believed we are now in the grips of a global recession compared to 85 percent in December last year.

As a consequence, more than half of those polled across the region claimed to have put off investments and major purchases over the last six months.

The car industry was the biggest victim of declining confidence with cars accounting for 32 percent of postponed purchases, followed by extended holidays (28 percent), stocks and shares (26 percent) and property (24 percent). -- DPA