Hong Kong companies most optimistic about future growth prospects, global survey finds
Mid-size firms in the city expect strong growth in revenue next year as they expand overseas, ride a wave of mergers and takeovers and embrace new technology, accounting firm EY says
Hong Kong’s medium-sized companies are the most optimistic about their future growth prospects as they seek to expand overseas, take advantage of merger and acquisition opportunities and adopt new technologies, according to a global survey released on Tuesday.
In the survey by accounting firm EY of 2,340 companies with annual revenue of between US$1 million to US$3 billion in 30 markets, 69 per cent of Hong Kong respondents expected revenue growth of between 6 per cent and 25 per cent next year, higher than the World Bank’s global GDP growth forecast of 2.7 per cent.
Thirty-one per cent of Hong Kong respondents believed they could achieve double-digit revenue growth next year, compared with 19 per cent in mainland China and 26 per cent in Singapore.
No Hong Kong respondents expected a decline in income next year, compared with 8 per cent in mainland China, 15 per cent in Singapore and 6 per cent of the rest of the world.
The survey was titled “EY Growth Barometer” and was conducted between March and May. Most respondents were chief executives or senior officials.
“Hong Kong middle-market leaders are not only attuned to uncertainty, but are seizing it to grow, disrupt other markets and drive their growth agendas,” said Agnes Chan, managing partner of EY Hong Kong and Macau.