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Survey: Asian CFOs Look Locally, Cautious on Global Economy

Survey: Asian CFOs Look Locally, Cautious on Global Economy

Chief financial officers in Asia continue to be hesitant on their outlook for the world economy, focusing more on growing locally, according to the 2012 CFO Outlook Asia report that was released recently by Bank of

Chief financial officers in Asia continue to be hesitant on their outlook for the world economy, focusing more on growing locally, according to the 2012 CFO Outlook Asia report that was released recently by Bank of America Merrill Lynch.

The survey, which included responses from 465 finance chiefs across seven Asian countries and territories, found that they ranked the current state of their region's economy at 6.4 out of 10, but placed the global economy at just 4.7.

CFOs in China were the most optimistic and were relatively confident in their ability to survive economic issues plaguing the West, while Japanese finance chiefs had a less favorable view of their own economy in comparison to the global economy, the survey found.

"The region continues to experience strong economic fundamentals and remains a relatively bright spot within the global economy," noted Matthew Koder, head of Asia Pacific global corporate and investment banking for Bank of America Merrill Lynch. "But global macro issues such as the European debt crisis and the state of the U.S. economy have contributed to the uncertainty in this part of the world and clouded the outlook for growth, showing that Asia is not immune to global forces."

While the outlook may be relatively positive, Asia has experienced a significant loss of finance jobs in recent months, particularly in the investment banking segment, according to Bloomberg.

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