Confident India and China defy global economic gloom
Tuesday, 1 July 2008
We all know that the booming economies of India and China are driving much of the world’s economic growth at the moment.
In a recent survey of close to 1500 business executives around the world conducted by global consultancy firm McKinsey & Co, only those in China and India expressed an overwhelmingly positive view about the outlook for the next six months.
Chinese execs were the most confident, with 51% predicting business would improve in six months and 27% predicting a decline, ahead of Indian managers on 41% and 28% respectively.
At the other end of the scale were business executives in the rest of the Asia Pacific – and yes, that includes Australia – where only 14% are positive and 54% negative about the economic outlook.
And, interestingly, executives in North America are generally more positive than their European counterparts, despite the deep malaise plaguing the economy there. Just over 20% of US execs are optimistic and 37% pessimistic – admittedly, not a great result, but ahead of the 18% positive and 49% negative reported by the Europeans.
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