Top Five (5) World Most Optimistic Countries

Asian business owners continue to be the most confident in the world, with India, the Philippines, Mainland China and Singapore taking the top four positions in the survey (Ireland in the 5th place). India's position at the top of the optimism/pessimism league table has strengthened to an unprecedented +97% up from +93% in 2006. Japan's figures reflect a steady economic recovery over the past five years from an optimism/pessimism balance of -71% in 2003 to just -5% in 2007(by grantthornton).

The Philippines is second among the top five most optimistic countries across six continents, second only to India, an international research firm said.

In its annual report on international business, Grant Thornton International - through its local partner accounting firm Punongbayan & Araullo - placed business optimism in the Philippines at 88 percent.

The report said businesses in the country are more optimistic of revenue, giving it a 75 percent rating as against the previous year's business expectations of only 59 percent.

The optimism of local businesses regarding revenue has surpassed the East Asian average of 68 percent and the global average of 70 percent. Business optimism regarding profitability in the coming years is at 65 percent.

Among the countries surveyed, it is only in the Philippines where women enjoy as many opportunities and privileges in senior management roles as men.

Grant Thornton has also reported that more Filipino business leaders are showing concern over the capability of local companies to expand because of the continued migration of skilled laborers, saying it is only a matter of time before Philippine-based businesses feel the strain of the brain drain.

The study showed that 43 percent of Filipino business leaders consider the lack of skilled workforce a major constraint to their business expansion. Last year, only 15 percent of the respondents expressed alarm over the exodus of the country's workforce.

Furthermore, 43 percent of local business leaders reported that the lack of skilled workers is a major roadblock to expansion plans, compared to the global average of 38 percent.

Statistics from the Philippine Overseas Employment Administration (POEA) show that from 1998 to 2001, newly hired OFWs belonging to the professional, medical and technical workers category steadily increased in number, peaking at 97,448 to make up 38 percent of all newly hired OFWs. The fear of workers' migration stunting growth is also prevalent in New Zealand, Australia and South Africa.

Meanwhile, only 26 percent of Filipino respondents identified regulations/ red tape as a constraint to expanding their businesses. This is the fourth year in a row that fewer local business leaders have reported being hampered by regulations/ red tape.

Grant Thornton International' s annual global survey covers 7,200 private businesses in 32 countries.

by Ma. Elisa Osorio http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=20070827230