Business and professional confidence low in APAC
Three in ten Hong Kong-based banking and financial professionals lost confidence in the Hong Kong economy over the first six months of 2013, this according to the 2013 APAC Employment Survey, completed by over 500 professionals in Hong Kong, Australia and Singapore. The reasons cited for this pessimism were largely global—almost a quarter stated the global economic conditions and 17% blamed instability in global financial markets. Worryingly, over a quarter—26%—cited a reason much closer to home, namely poor government strategy. Looking ahead, over a third reported feeling pessimistic about the next six months, predicting an even weaker local economy.
George McFerran, Managing Director, eFinancialCareers, APAC commented, “By highlighting poor government strategy, finance professionals clearly believe Hong Kong could be in a far stronger position.”
The pessimism is not only restricted to Hong Kong, banking and financial professionals across the region see the next six months remarkably more negatively, with 54% in Singapore and 54% in Australia predicting a weak couple of quarters.
The survey also revealed that the region’s professionals are feeling increasingly negative about their own prospects, feeling that they have deteriorated over the past six months. Four in ten finance professionals in Hong Kong and Australia feel that their company’s recent performance has hindered their career prospects.
McFerran stated, “These results highlight real uncertainty in the market and illustrate the close relationship between business confidence and an individual’s career prospects. As many as three in ten of our respondents were uncertain they could find a position matching their experience and compensation in the next six months if they needed to, and a further one in ten thought it was unlikely.”
Paul Arkwright
Publisher
