The survey of 209 companies conducted in October shows 34% expect their own business situation to worsen, while just 18% expect an improvement. In the previous survey, conducted in the spring, 28% of companies expected an improvement and 26% augured a deterioration.
Around 37% of companies said they planned to cut back on capital expenditures and just 25% signaled growing Capex. The ratio of companies that plan to spend less on investments exceeded that of businesses that want to boost spending for the first time in 10 years, DUIHK noted.
The share of companies that plan layoffs (21%) also exceeded the share that plan new hires (18%) for the first time in a decade. Companies counted weakening demand, the shortage of trained workers and higher labor costs among business risks they face.
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