Financial advisers in Singapore were the only group of advisers to report a fall in confidence in the global economy during the first quarter of 2013, according to Skandia International’s quarterly adviser confidence barometer.

Skandia said advisers in Singapore were the only group to report a decrease in confidence towards the global economy, with a confidence score of just 5.7 out of ten, down from six in the last quarter of 2012.

Overall, advisers reported an average confidence level of six during Q1 2013, up from 5.7 in the previous quarter, with those in the UAE the most confidence giving an average score of 7.1.

Interestingly, advisers in Singapore have remained optimistic about their local economy, with advisers giving it an average confidence level of 7.2 – this compares favorably with a global average of 5.9.

The European debt crisis was seen by nearly half (47%) of all advisers as the greatest threat to the global economy, although those in Asia said their biggest concern was inflation.

David Bellingham, chief executive of Singapore based Professional Investment Advisory Services, said the reason advisers in Singapore have lost confidence in the global economy could be attributable to two factors.

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"First, that the Singapore market is more strongly correlated with international markets than other economies. As such, as other markets struggle, Singapore experiences the impacts through trade; or second, that it is a cumulative effect of the mixed economic news globally, and the local regulatory proposals for change generally weighing down the Singapore adviser, reducing their confidence."