11 November 2022

Global businesses targeting growth in 2023 despite volatile conditions

Two-thirds (64%) of global mid-market enterprises (MMEs) – firms with a turnover of between $10 million and $500 million – say they plan to expand internationally in 2023 in spite of global economic headwinds, according to HSBC’s new Business Balancing Act study.

The HSBC-Study surveyed 2,170 businesses financial decision makers at mid-market enterprises in 14 markets. Three quarters (76%) of MMEs are expecting to grow in 2023, in spite of global economic headwinds.

The relative positivity shown by businesses is set against a backdrop of concern regarding inflation and the cost of living (38%), increased interest rates (32%) and for many markets, political uncertainty (27%). Half (51%) saying they expect international trade to be more difficult.

Businesses from Germany are showing themselves more skeptical in comparison to other markets. 60 per cent expect international trade to be more difficult. The survey shows similar results from Leaders in France and the UK. 44 percent of the businesses in the US expect international trade to be easier in 2023. Decrease in demand and consumer spending are cited as top concerns of businesses from Germany (40%). 38 percent of the companies will be focusing on making their supply chains more resilient.

Barry O'Byrne, Chief Executive Officer, Global Commercial Banking at HSBC, said: “Businesses are operating in an increasingly complex global economic landscape, navigating a wide range of challenges from soaring inflation to rising interest rates. Despite this, there is a strong sense of global resilience and ambition amongst mid-size businesses as they zero in on growth in 2023. Our study shows that they are also looking to expand into new markets, improve sustainability and launch new products. New technology and access to finance are expected to be the twin-engines of growth for businesses in the short and long-term.”


Elvira Stark
E-Mail: elvira.stark@hsbc.de
Phone: +49 211 910 6900

About HSBC Germany
HSBC Germany is part of the HSBC Group, one of the world's leading international banks, with a network across 63 countries and territories worldwide which accounts for more than 90% of global economic output. HSBC is one of the world’s largest banking and financial services organisations with assets of US$ 2,985bn at 30 June 2022. HSBC Germany's clients are companies, institutional clients, the public sector and high net worth private clients. The bank stands for internationality, comprehensive advisory expertise, major placement power, first-class infrastructure and capital strength. HSBC Germany, which operates as HSBC Trinkaus & Burkhardt GmbH, was founded in 1785.