Economic Upturn In Asian Countries Still Fragile, Says Survey

KUALA LUMPUR, May 25 (Bernama) -- The economic upturn in Asian countries is still fragile, according to the regular global survey of finance professionals. The Global Economic Conditions Survey (GECS)showed while Asian finance professionals were more confident and forecast improved orders, they were less positive about investments in employment. The GECS was jointly carried out by the Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants (IMA). "Asian responses showed continued improvement in the first quarter 2015, although the pace of improvement slowed slightly. "Asia Pacific capital expenditure responses improved year-on-year, while South East Asia saw a quarter-on-quarter improvement in available investment capital," said Malaysia ACCA head, David Chin said in a statement Monday. The report said the trade and gross domestic product outlook in the region could be impacted by lower oil prices as many countries are net oil exporters. As for increased costs, half the finance professionals surveyed in the Asia Pacific region felt that costs were rising, suggesting inflation was a growing concern. "There has also been a sharp decline in new hires since the fourth quarter 2014 in the Asia Pacific region, where things are looking gloomier on the employment front compared to three months ago, with 50 per cent of respondents from the region reporting staff cuts," the report said. Of all the other regions in the survey, there was greatest concern over customers going out of business in the Asia Pacific region, with 23 per cent of respondents worried. -- BERNAMA