Business leaders 'still optimistic about prospects'

An overwhelming majority of business leaders worldwide are confident of their companies' prospects despite the economic jitters, a study by global law firm Allen & Overy found.

This upbeat outlook could be due to globalisation, which allows capital to flow more freely to countries where growth remains strong, said Mr David Morley, senior partner at Allen & Overy, at a briefing on Wednesday.

'There's been a huge rise, particularly over the last four to five years, in the number of markets in which companies are operating,' he said. 'Companies are saying that there are more than 100 markets that they are looking at in terms of growth opportunities. The global economy has opened up; it's given businesses more choices.'

In the study, carried out between July 4 and Aug 26, about 96 per cent of the 1,000 business leaders surveyed said they were 'very or reasonably confident' about their businesses' prospects in the next 24 months.

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