Indian business owners are the most optimistic about prospects for their local economy, while cautious European counterparts lag far behind their Indian and US counterparts, a survey found yesterday.
A global survey of business owners in 26 countries conducted by global tax and accounting firm Grant Thornton, found Indians topped the league table with an optimism against pessimism balance of plus 83 percent.
Following close behind the Indians were Australian and US business owners with plus 81 percent and plus 75 percent respectively.
In Asia, structural economic problems kept Japan firmly pinned at the bottom of the table for the second year running with a pessimistic balance of minus 46 percent, which nonetheless was an improvement on last year's minus 75 percent.
However, confidence among Hong Kong business owners showed a dramatic swing to optimism from minus 30 percent last year to plus 51 percent this year.
"Despite the serious SARS impact, we are please to see that the Hong Kong economy is picking up very quickly and the local business owners are not much more confident in Hong Kong's business prospects," said Kevin O'Shaughnessy, a spokesman for Grant Thornton.
Among the 26 countries surveyed, Singapore was the only one that became more pessimistic this year compared to last with the balance falling from minus 8 percent to minus 30 percent.
O'Shaughnessy said the results painted a rosier economic picture compared to last year with "an optimism balance of plus 39 percent compared to plus 3 percent."
"The global economy appears to be firmly on a recovery path, led by a strong economy in the US. While Europe is also more positive, business owners remain more cautious and lag far behind the US," he noted.
Spain and the UK were the most optimistic European countries surveyed with a plus 49 percent rating while traditional European economic powerhouses France and Germany lagged behind with plus 4 percent and minus 6 percent respectively.
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