2024 Business Leaders Outlook: Economic Confidence Strong, But Recession Concerns Remain Roughly three-quarters of respondents from the survey expressed confidence in the national economy (76%) and their industries' (77%) and companies' performance (75%).
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Economic confidence is strong in 2024, but recession concerns remain, according to a recent report by JP Morgan. Leaders are optimistic about the economy and their companies, with plans for growth and innovation in 2024.
Roughly three-quarters of respondents from the survey expressed confidence in the national economy (76%) and their industries' (77%) and companies' performance (75%). Here are some significsntg findings from the report.
1. More than 9 in 10 leaders expect their profts and revenues to increase in 2024.
2. Most Indian leaders (69%) were also optimistic about the global economy.
3. Although more than half of business leaders said they expect a recession in 2024, that's down 10 points from 2023 (61%).
4. Top challenges for business leaders include global unrest and geopolitical issues (35%), cybersecurity and fraud (31%) and rising interest rates (28%).
5. Amid growth, Indian business leaders have a positive view of the economy. Most are confdent in the global (69%) and national (76%) economies. The optimism carries over to executives' industry and company outlooks, with roughly three-quarters of respondents expressing confdence. Although down from 61% in 2023, more than half of Indian business leaders expect a recession in 2024.
6. Leaders' optimism lines up with their positive business expectations. More than 9 in 10 Indian business leaders anticipate increased revenue/sales and profts in 2024. Similarly, most executives expect increased capital expenditures (80%) and credit needs (78%) in the year ahead, on par with 2023 responses. As a result, 76% of Indian business leaders currently reported using bank lines of credit. Leaders' other fnancing options include asset-based fnancing (63%), venture capital (57%) and using private debt or equity (56%).
7. The majority (83%) of Indian business leaders reported that infation has driven up costs, an issue that could persist in the year ahead. When asked about their top business concerns, Indian leaders were nearly evenly divided on their top business concerns. Respondents view global unrest (35%), as the biggest challenge ahead. Amid news of multiple data breaches, cybersecurity and fraud (31%) concerns were second. Climbing interest rates (28%) and the adoption of artifcial intelligence and generative AI (27%) rounded out leaders' top business concerns.
Source: JP Morgan
