Singapore executives cautious about sustainability of economic recovery
Singapore executives cautious about sustainability of economic recovery
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The SAP-sponsored study, “From hindsight to foresight: Improving business transparency in the wake of the financial crisis”, found a divergence in economic views according to geography and industry sector.
There is a strong degree of optimism among respondents based in India and China, the majority of whom believe a sustainable recovery is under way in their country, it said.
In contrast, only 38% of respondents in Australia are optimistic that the recovery in their economy will be sustained. Optimism is even lower in Hong Kong and New Zealand (both 17%).
The most pessimistic executives live in Japan. Forty-four percent of Japan-based respondents see no economic recovery in that country at all. Another 44% concede that there are signs of recovery, but they do not believe it is sustainable. Only 10% think green shoots of recovery are taking root.
In the same survey, 45% of respondents say their company is unlikely to take advantage of distressed asset prices to make an acquisition in the next 12 months. Just under one-third of respondents think their company will be likely buyers, while 24% say they do not know.
In comparison, 47% of respondents in Singapore and 37% in Japan believe their company will embark on an M&A transaction. Singapore and Japan are two countries with the highest proportion of respondents who do not see a recovery in their country of residence or who believe that the recovery they are seeing will not be sustainable.
Respondents from China and India, who are the most optimistic about the prospects for their local economies, differ in their M&A expectations. Forty-two percent of China-based executives say their companies will take advantage of distressed asset prices to make an acquisition over the next 12 months. In India, 26% in India say the same.
One possible explanation may be the direction of the M&A focus in the two markets, said the EIU. Chinese companies may be looking to acquire overseas, particularly in the West, where a shallow recovery from the recession is expected to keep asset values under pressure. Indian companies, on the other hand, may be more focused on M&A within India, where GDP growth may resume strongly and thus lift asset prices.
The EIU conducted the online survey of senior business executives across Asia and Australasia in June and July this year. According to the organization, the survey attracted 258 CEOs, COOs, CFOs, chief risk officers and other managers from a wide variety of industries and markets—23% of respondents came from Australia and New Zealand; 22% from India; 16% from Japan; 10% from China; 7% each from Hong Kong and Singapore; and the remaining 15% from rest of Asia.
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