Executive hiring set to slow in Asia

HONG KONG, April 17 (Reuters) - Companies in Asia are reining in executive hiring plans this quarter, even in China's booming economy, reflecting uncertainty about how an impending global economic slowdown will affect business, a survey showed on Thursday.

China is facing surging demand for managerial talent to keep pace with fast business expansion, yet only 52 percent of employers polled in a survey by executive search firm Hudson said they planned to increase headcount in the second quarter. That was down from 61 percent in a similar survey three months ago.

The emerging economic powerhouse reported on Wednesday a 10.6 percent surge in first quarter economic growth, yet its export sector would be vulnerable to weakening global demand. The percentage of companies in China planning to hire was even slightly lower than in Japan, where 41 percent of respondents believed their economy could tip into recession in the next six months.

The survey by Chicago-based Hudson Highland Group Inc HHGP.O covered responses from 2,600 managers at multinationals across industries in China, Hong Kong, Japan and Singapore. Among respondents in Japan, 55 percent said they planned to add staff this quarter, down sharply from 66 percent in the previous quarter. A Reuters survey published on Thursday showed that confidence among Japanese manufacturers fell to a five-year low this month as a weak dollar, high raw material costs and sluggish domestic demand weigh on business.

Employers in Hong Kong were most upbeat among the four markets, with 57 percent of managers there saying they would hire this quarter, little changed from 58 percent in the previous survey.

Growing caution among employers across Asia ex-Japan reflects fears that while the economic environment remains solid it could suddenly shift.

Singapore's economy jumped 7.2 percent in the first quarter from a year earlier, well above expectations, but 26 percent of Singapore-based respondents in the survey expect the city state to enter into a recession in the next six months. Only 49 percent said they would be hiring this quarter, compared with 51 percent in the previous survey.

Singapore and Hong Kong are seen as particularly vulnerable to a possible recession in the United States -- which some economists believe has already begun -- because they are small, open economies with significant trade sectors.

Jobs prospects for executives in Hong Kong, however, are still good because the territory's growing integration with China's economy is creating huge demand for professionals in banking, finance, law and other sectors. (Editing by Ken Wills)