Business

Friday November 6, 2009

Poll: M'sian firms less affected by slowdown than those overseas


PETALING JAYA: Malaysian businesses were the least affected by the global economic downturn compared with their counterparts in Singapore and Hong Kong, according to a survey by Institute of Chartered Accountants in England and Wales (ICAEW).

“Despite the impact on the economic downturn being felt around the world, (businesses in) the Asian countries – including Malaysia – appear to have been less exposed than businesses in other regions,’’ ICAEW regional director Mark Billington said in a statement yesterday.

“However, many of the Asian businesses surveyed have moderated their growth expectations for the next two years, with one in five forecasting no growth,’’ he added.

The ICAEW’s annual Global Enterprise Survey 2009 revealed that businesses in Asia have been less negatively affected by the economic downturn compared with businesses in other regions.

It showed, however, that businesses in the three Asian markets surveyed experienced the downturn to different degrees; one in three (33%) in Singapore reported a very negative effect on their business, compared with 21% in Hong Kong and just 9% in Malaysia.

Specific challenges experienced by businesses in Asia included difficulties in planning ahead (81%) and reduced revenue growth (79%).

Asian businesses were also the most positive about the impact of globalisation compared with other regions, with 70% businesses in Malaysia, 81% in Hong Kong and 86% in Singapore believed further globalisation would be beneficial.

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