Despite a global economic downturn, the Compass Index shows optimism in the Asia Pacific (APAC) business sector, with Australian businesses reporting the highest confidence levels. However, the Index emphasizes that maintaining growth requires agility and innovation in business practices.
Source: Compass Index infographic. Australia is particular optimistic on business growth.
Compass Offices, a provider of Asian serviced offices, virtual offices, and meeting rooms, surveyed their global clientele for the Compass Index. This index tracks business trends across nine Asia Pacific countries. Survey respondents represented a diverse range of startups, small and medium-sized businesses (SMBs), and multinational corporations (MNCs).
While the International Monetary Fund (IMF) predicts global growth of 3.4% this year, with a weaker outlook for the next six months due to China’s economic slowdown, the Asian Development Bank forecasts a 5.7% annual GDP growth for the Asian region, down from 5.9% the previous year.
Despite these forecasts, the Compass Index found that 51% of Australian businesses are highly confident about their growth prospects for the year, surpassing the 43% confidence level in Singapore and 30% in Hong Kong. Japan recorded the lowest confidence score in the region at 15%.
Andrew Chung, CEO of Compass Offices, acknowledged the optimistic outlook among businesses but stressed the importance of strategic investment and adaptability. He stated, “To stay on top of their game, businesses need to reconsider where their investment is and reinvent new ways of working to be more adaptable to economic conditions.”
Source: Compass Index infographic. Six in 10 of Singapore respondents said they would hire this year.
While employment growth is projected to slow this year, with under 20% of surveyed businesses in Japan planning to hire, the Index highlights that a significant proportion of businesses in other regions intend to expand their workforce. Specifically, 61% of businesses in Singapore, 56% in Australia, and 44% in Hong Kong plan to hire more personnel. The survey data indicates that sales, marketing, and IT skills are in high demand to support business growth.
To meet this demand, Compass Offices is expanding its network, adding more centers in the Philippines and Europe. Chung emphasized their commitment to supporting businesses of all sizes and industries, stating, “We understand that growing a business takes more than passion, especially to stay on top of competition. This is why at Compass Offices, we always strive to partner with our clients to provide them with solutions that not only suit their business needs but also provide flexibility to support their business growth.”
Source: Compass Index infographic. Hong Kong, Australia and Singapore are hungry for salespeople.
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