BERLIN (Reuters) – More German companies expect global business conditions to worsen this year than expect improvement, Germany’s DIHK Chambers of Industry and Commerce said on Friday.
DIHK’s survey of 2,400 internationally active companies found that only 17% expected better business conditions over the next twelve months than in 2020, while 27% expected business conditions to deteriorate.
Expectations vary by region, DIHK said, adding that more business expect conditions to improve iin China and the euro zone positive than expect it to deteriorate.
Expectations of markets in south and central America, Africa and the Middle East were worse, the survey found.
In addition to the impact of the COVID-19 pandemic, economic crisis and growing trade barriers in many regions of the world are also weighing on companies’ foreign business this year, the DIHK said.
Around 47% of companies are reporting increasing trade barriers such as higher tariffs, sanctions and increased safety requirements.
Reporting by Riham Alkousaa