APAC – Business leaders think Trump’s victory could lead to long-term negative impact on region

By memberservices@staffingindustry.com (Danny Romero)

The majority of APAC leaders feel the results of the US presidential election are yet to have an effect on their business but think the long-term impact could be negative for the region, according to research from international recruitment firm Harvey Nash.

The ‘Trump Effect on Asia’ survey, which polled 141 APAC business leaders, found that the majority of APAC business leaders expressed concern about the lasting impact of a Trump presidency with 29% of them expecting that it will have a long-term negative impact on APAC business profits. Meanwhile, 19% are assessing their existing trade deals with the US, and 7% have cut budgets as a result of Trump’s victory.

However, 71% of respondents believe that Trump’s victory has not yet affected their business, 15% report a negative impact, while 8% say it has had a positive impact on business.

“Trump’s victory came as a surprise to many business leaders in the region and came at the end of year which saw increased levels of uncertainty across global markets,” Nick Marsh, Managing Director, Harvey Nash Executive Search APAC said. “Those in the region must now look at how to steady the ship and put in place plans to deal with these anticipated changes. The good news is that so far it’s business as usual for the majority of APAC businesses and that those in the region stand to benefit from a wave of returning local talent.”

The survey also reveals that businesses in the region were mainly unprepared for the election result as 65% had no plan in place for a Trump victory, 19% had prepared a business contingency plan, and 9% of respondents were fully prepared, with both a response and plan to deal with this outcome.

Looking to the future, 59% of APAC business leaders predict that trade and tariff negotiations will be affected by the Trump presidency, 49% foresee market instability, and 30% anticipate an economic slowdown in the region.

Meanwhile when it comes to the workforce, 36% of respondents believe there will now be an increased focus on local leadership in APAC, while 35% foresee Asian nationals returning in greater numbers from the US, and 24% expect to see a slowdown in talent migration.

Source:: APAC – Business leaders think Trump’s victory could lead to long-term negative impact on region