World Economy

Asia CEOs Confident

Asia CEOs ConfidentAsia CEOs Confident

Economic confidence among business leaders in Asia remained relatively steady in the first quarter of 2016, despite some fluctuations within the region, a survey showed.

CEOs in the region are the second most confident in the world, behind their peers in the European Union, according to Young Presidents’ Organization, a global network of business leaders and chief executives, EJInsight reported.

The YPO Global Pulse Index for Asia was at 60, against a global average of 58.3 and next only to the EU’s score of 61.6.

Sentiment in China, the region’s largest economy, improved by two points in the first quarter to 64, a higher than the average confidence level for the country, YPO said in a statement released by ACN Newswire.

India and Singapore reported significant increases in confidence, while Japan, Hong Kong and Philippines all experienced a decline.

India saw a rebound in confidence level, surging 5.6 points from 60.8 in the last quarter of 2015 to 66.4 in the first quarter of this year.

Economic growth in India is being fueled by a vibrant service sector, as India has become a major exporter of business outsourcing services.

“The general feeling seems to be that there are strong opportunities for growth and expansion, but CEOs will be cautious about taking on too much risk in the current economic environment,” said Paul Tao, managing director of New Heritage Investments and network officer of YPO Hong Kong.

“Increased confidence seems to be returning in the major economies of China and India, which would bode well for the entire Asian region going forward.”