TMF Group Report Shows Optimism from American business executives; Over Half See Their Businesses Rebounding in Six Months
Despite the widespread business and health challenges brought on by the COVID-19 pandemic, two-thirds of American business leaders are optimistic the U.S. economy will make a full recovery within the next year, according to a new survey from professional services firm TMF Group.
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“COVID-19 has impacted supply chains globally, and multinational companies that have borne the brunt of this impact have had to optimize their flexibility. Yet they are still expressing optimism that each market can synchronize their operational recoveries in a safe, efficient manner”
Nearly three-quarters (74.7%) of survey respondents have some level of confidence in the economy, bolstered by the massive government stimulus package to support businesses and workers.
“It’s an encouraging sign that business leaders in the U.S. are expressing this type of optimism, particularly based on the unprecedented challenges experienced throughout the economy over the last few months,” said Larry Harding, TMF Group’s head of North America. “This group was obviously very confident before the onset of the pandemic, and they now seem eager to not only restart their businesses but help reignite the economy as well.”
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Looking beyond the U.S., business executives were a little less optimistic but still positive: 56% said the global economy would recover within a year. Correspondingly, business decision makers are confident their businesses will rebound quickly. More than half say their companies will return to normal operations within six months. Their financial recovery will be slower: 42% say they will bounce back financially in six months.
The health of international supply chains was found to be a major concern. Respondents said they are considering reducing risk in locations such as China, Italy and the United Kingdom, countries that also have dealt with significant outbreaks of the virus.
“COVID-19 has impacted supply chains globally, and multinational companies that have borne the brunt of this impact have had to optimize their flexibility. Yet they are still expressing optimism that each market can synchronize their operational recoveries in a safe, efficient manner,” Harding added.