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A recent report from JPMorgan says economic confidence is solid in 2024, but fears of a recession remain. Leaders are optimistic about the economy and their companies and have plans for growth and innovation in 2024.
About three-quarters of survey respondents expressed confidence in their national economy (76%), their industry (77%), and the performance of their companies (75%). Some of the key findings from the report include:
1. More than 9 out of 10 leaders expect profits and revenue to increase in 2024.
2. Most Indian leaders (69%) were also optimistic about the global economy.
3. More than half of business leaders expect a recession to occur in 2024, down 10 percentage points from 2023 (61%).
4. Key challenges for business leaders include global instability and geopolitical issues (35%), cybersecurity and fraud (31%), and rising interest rates (28%).
5. Amid growth, Indian business leaders have a positive outlook on the economy. Most people have confidence in the global economy (69%) and domestic economy (76%). This optimism extends to executives’ outlook for their industry and company, with nearly three-quarters of respondents expressing confidence. More than half of India’s business leaders expect a recession to occur in 2024, although this is down from 61% in 2023.
6. Leader optimism aligns with positive business expectations. More than 9 out of 10 Indian business leaders expect revenue/sales and profits to increase in 2024. Similarly, most executives expect an increase in capital spending (80%) and financing needs (78%) over the coming year, similar to their 2023 responses. As a result, 76% of Indian business leaders report that they currently have access to bank lines of credit. Other financing options for leaders include asset-based financing (63%), venture capital (57%), and the use of private debt or equity (56%).
7. A majority of Indian business leaders (83%) report that costs are rising due to inflation, a problem that is likely to continue next year. When asked about their biggest business concerns, Indian leaders were nearly evenly divided. Respondents believe global insecurity (35%) is the biggest challenge going forward. Among news of multiple data breaches, concerns about cybersecurity and fraud (31%) ranked second for him. Rising interest rates (28%) and the introduction of artificial intelligence and generative AI (27%) have addressed executives’ top business concerns.
Source: JP Morgan
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