Asia’s Business Confidence Falls to 11-Year Low

According to Thomson Reuters/INSEAD survey released on Wednesday, found that the business sentiment of Asian companies has plunged to an 11-year low in the second quarter.

 

The poll was conducted between May 29 and June 12 with 93 companies, about two-thirds of firms surveyed has flagged “a worsening COVID-19 pandemic as the biggest risk over the next six months”

 

The confidence index on the second quarter shrank by a third to 35, even though the pandemic’s initial impact was reflected since the March survey, while Thomson Reuters/INSEAD (TRIABS) slumped below 50 since the survey began in the second quarter of 2009.

 

Meanwhile 16% of the 93 companies saw a deepening recession as a key risk for the next six months, with more than half expected employment rate and business volumes could worsen.