News & Reports News Year 2012 September , 2012 Asia-Pacific CEOs bleak on outlook

Asia-Pacific CEOs bleak on outlook

BUSINESS leaders in the Asia-Pacific region are less confident about their business outlook this year amid economic challenges in both the West and China, a PricewaterhouseCoopers report said yesterday.

The proportion of Asia-Pacific CEOs who are "very confident" about revenue increase in the next three to five years dipped to 54 percent from last year's 57 percent, the report said after interviewing 370 business leaders in 21 Asia-Pacific countries.

Only 36 percent of business leaders said they are very confident about growth of their business in the next 12 months, the report said.

The CEOs said the top economic risks to growth were a spike in oil prices to beyond US$150 per barrel, a recession in the United States, breakup of the eurozone, and the slowing of China's economic growth to below 7.5 percent of gross domestic product.

But still 43 percent of CEOs rank China as the most important growth driver for their company, compared with 20 percent who chose the US.

China and the US are singled out as the top investment destination over the next three to five years, the report said.