This report by the International Chamber of Commerce (ICC) presents the findings of the ICC World Chambers Federation (WCF) 2024 Global Economic Survey. The survey captures the perspectives of senior executives on key economic and climate issues, providing insights from over 200 chambers of commerce worldwide, representing economies that collectively account for 90% of global GDP.
The survey at a glance
Over 200 chambers of commerce surveyed
Respondents from 96 countries spanning five continents
Representing 90% of global GPD
Global business environment, constraints and outlook: The chamber view
While chambers generally hold a positive view of the current business environment, there are significant regional differences. Negative perceptions are concentrated in countries facing political and economic instability. Nearly half of respondents believe that the global trade environment has hampered business operations.
At the aggregate level, the main constraints for businesses are
- shortage of labour or skilled labour,
- inflation,
- geopolitical tensions,
- taxation, and
- financial problems.
But the hurdles businesses face tend to vary depending on the region.
The global outlook remains largely positive. Nevertheless, some regions, notably MENA and South Asia, anticipate a more pessimistic future, with 20% of respondents in these areas expecting a bleak business outlook.
Artificial intelligence continues to spark debate
Seven out of 10 respondents see AI as both a risk and an opportunity. The uncertainty around the future prospects of AI is linked to its limited application to certain sectors with high innovation.
Inflation and limited access to finance still weigh heavily on businesses
Over 80% of respondents expect inflation to rise, affecting operating costs, wages, supply chains and competitiveness, with concerns especially pronounced in North America and Sub-Saharan Africa.
The economic environment and tight financial conditions hinder access to finance.
Businesses and the climate transition: what is at stake?
Businesses are adapting to climate change policies by adopting green technologies, developing sustainable products, and diversifying energy sources. In South Asia and Sub-Saharan Africa, diversifying energy sources is the primary solution for more than 80% of respondents. In Latin America, Europe and Central Asia, the focus is on developing sustainable products or services.
The main challenges in addressing climate change centre on how much funding is available and how to implement changes. Opportunities for businesses include gaining a competitive advantage through green practices and creating jobs in green industries.
To support small- and medium-sized enterprises in the climate transition, chambers insist on the need to provide fiscal support, promote the adoption of digital technologies, and enhance collaboration within supply chains.
For further information please contact Melanie Laloum, ICC Lead Economist, or Leonardo Barbosa, Lead, ICC WCF Governance and Operations.
