Business owners in Hong Kong are some of the most pessimistic in the world about their local economy this year, a survey has found.
Sentiment among senior executives in Hong Kong plunged to minus 49 per cent from plus 81 per cent a year ago, according to accounting and consulting firm Grant Thornton.
The dramatic U-turn saw Hong Kong ranked 28 out of 36 economies. It was the fifth most optimistic last year. Japan remained the most pessimistic. The most optimistic this year was India while the Philippines topped the rankings in 2008.
Globally, business sentiment swung from an optimistic 40 per cent last year to minus 16 per cent this year, the first time pessimists have outweighed optimists since the survey began in 2003.
More than 7,000 owners of medium-sized private businesses in 36 countries were surveyed late last year.
Grant Thornton partner Andrew Lam Hung-yun said Hong Kong business sentiment last year was exceptionally high with the economic boom on the mainland and surging stock markets. 'In 2007 and 2008, the international economic environment was very good, especially China,' Mr Lam said.