Results from an Ipsos Business Consulting survey of 124 senior executives in large multinational corporations in Singapore reflect that 60% indicated they were ‘quite optimistic’ about the economy for 2012. This was a significant improvement from the same survey in the third quarter of 2011, in which 72% indicated that they were not optimistic about the future.
22% of business leaders were even more bullish, predicting double digit growth for the year, with nearly 80% predicting some form of growth.
There were notes of caution, however, with 69% sounding the alarm bell about the impact of the overall global economy on their businesses. Most of the optimism seems to derive from business opportunities within the Asia Pacific region, and particularly from other fast-growing ASEAN countries.
124 respondents from a broad range of industries in Singapore gave their input to the survey. 79% of the respondents were director level or higher, with over 30% occupying chief executive offices in their organizations. Approximately 80% of respondents were representatives of multinational organizations.
Anand Kumar, head of the Business Consulting unit in Singapore commented: “We were pleased to note the more optimistic tone throughout the survey and put this down to strong growth in the region. The survey gave some further indications about where the cautious optimism was coming from. Respondents indicated that they were planning on entering new markets in the ASEAN region. In particular, businesses were very interested in Indonesia. We also saw strong interest in Vietnam, Philippines and Thailand amongst the other ASEAN countries. “
“Companies that can fast-track their entry and growth in these markets are clearly going to be the ones to look out for in 2012, especially as we see more headlines about diversification away from China.”