Singapore : Private businesses in India and the Philippines emerged as the most upbeat over their respective country’s economies in 2008, a survey said Tuesday.
Grant Thornton International’s business report gave both countries an “optimism balance” of 95 percent, followed by 87 percent for Vietnam and 84 percent for Singapore.
The results published in The Business Times defined “optimism balance” as the proportion of upbeat remarks minus those who conveyed negative sentiments on prospects for the country’s economy.
The survey of 7,800 businesses in 34 economies found an average optimism score of 42 percent, 3 percentage points lower than in January 2007.
Japanese businesses were among the most pessimistic at minus 44 percent.
Thai firms reported a score of minus 30 percent, attributed to concern over the country’s unstable political climate.
Sentiment in the United States improved slightly from 14 percent to 22 percent, despite the housing market downturn.