Small, medium business most optimistic in India
( dpa ) - Small and medium-sized enterprises ( SMEs ) in India emerged as the most optimistic in Asia, a survey of Asia- Pacific business confidence said Wednesday.
HSBC's commercial banking unit in Singapore commissioned the biannual survey, regarded as an indicator of economic health.
Fifty-nine per cent of the SME's queried in India expect rapid growth, up from 58 per cent last year, according to findings published in The Straits Times.
South Korea, with only 6 per cent of SME's forecasting positive growth, was the least optimistic.
The survey found that 37 per cent of SMEs surveyed expect negative growth for the next six months, compared to 17 per cent of respondents in the same survey conducted in the last quarter of 2007.
While nearly half felt that growth would be sustained over the next six months, the share of SMEs anticipating faster growth plunged from 32 per cent last year to 14 per cent in the latest survey.
Research house TNS conducted the survey, polling 3,000 SMEs from Bangladesh, India, China, Hong Kong, Indonesia, South Korea, Malaysia, Taiwan, Vietnam and Singapore.
Firms were asked about their economic outlook, capital spending and staffing activities for the next six months. dpa ry ff