Report says expats fear economic woes

FOREIGNERS living in Egypt and southern Europe reported the most widespread weakening in the local economy during the last year, according to new research from HSBC.

Expats in Egypt (100 per cent), Spain (97 per cent), Bahrain (94 per cent) and Italy (88 per cent) were among those most likely to report a deterioration, the HSBC Expat Explorer said.

Their concerns show no sign of disappearing, with nearly half of expatriates living in Italy (44 per cent) and 38 per cent of those in Spain fearful for the future, as the Eurozone crisis takes its toll.

HSBC Expat, formerly known as HSBC Bank International, also found, however, that the wealth of expatriates is largely immune to global economic turmoil. Lisa Wood, head of marketing at HSBC Expat, said: “Many expats are facing an uncertain economic outlook in their current country. Yet, it seems despite this wider unrest, expats remain financially sheltered from the turmoil.”

Nearly half of foreigners living in Britain (49 per cent) feel the economy has worsened over the last two years but only a quarter think it will continue to deteriorate.

Around 5.6m Britons live abroad, according to the Institute for Public Policy Research.