Small businesses’ confidence in Hong Kong sinks to an all-time low, CPA Australia survey shows
- Only 21 per cent of small firms expect business to grow this year, the lowest since CPA Australia started the survey in 2009
- Confidence among Hong Kong’s small businesses is the lowest among all markets surveyed in Asia-Pacific for a second year in a row
Confidence among small businesses in Hong Kong fell to an all-time low as they continue to feel the impact of the coronavirus pandemic and record economic contraction last year, according to a survey by accounting body CPA Australia.
Only 21 per cent of small businesses – those with 20 or fewer employees – in Hong Kong expected their business to grow this year, the lowest on record since the survey started in 2009. This compared to an average of 61 per cent across all respondents in Asia-Pacific for 2021.
The weak outlook was also reflected by the low intention of Hong Kong’s small businesses to increase headcount. Only 12 per cent of respondents expected to increase staff in 2021, compared to the survey average of 36 per cent.
“For two consecutive years, expectations of business growth among Hong Kong small businesses have been the lowest of the surveyed markets” in Asia-Pacific, said Janssen Chan, CPA Australia’s Greater China divisional president.
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Over 4,200 small businesses in 11 markets across the Asia-Pacific were surveyed between 9 November and 10 December last year, of which 306 were from Hong Kong.