The Philippines and Singapore have emerged as the highest-ranked Asian economies on an index of countries with the most “super growth” companies, a Grant Thornton survey said Wednesday.
The Philippines ranked eighth on the 2007 Super Growth index, a marked jump from 23rd in 2006.
Singapore was ninth, up from 17th in 2006.
The results were published in The Business Times.
A super-growth company is defined for the index as one that has grown considerably more than the average measured against key indicators including turnover and employment. Twenty-one percent of Singapore and Philippine companies achieved “super growth” status, Grant Thornton found.
The United States topped the index for the third straight year, with 44 percent of U.S. companies hitting super-growth ranks. The percentage of Hong Kong companies in the super-growth category fell from 34 percent to 18 percent, while those in India slid from 34 percent to 15 percent.
“We should not necessarily consider that a drop in the number of super-growth companies is a bad thing for an individual economy,” the newspaper quoted Kon Yin Thon, a Grant Thornton managing partner, as saying. “Growth in employee numbers and turnover can only realistically be expected to grow rapidly for a limited time.”
“What we might be seeing now is a consolidating in Hong Kong and India, with those super-growth businesses of the last few years perhaps concentrating on profitability rather than simply on high levels of growth,” he said.