Almost all domestic firms optimistic about growth from 2020: HSBC survey

Over the next five years, half of the companies surveyed in the country are expecting sales growth of 15% or more

Despite global uncertainty and the rising headwinds the economy has been facing for many quarters, almost all domestic companies are optimistic about their growth next year, claims a report.

Companies are buoyant about the prospect of entering new markets, getting high-quality suppliers and plans to invest in technologies that will pave the way for new products and services, says an HSBC report released on Tuesday.

The report also claims that nearly all of those polled --as much as 96 per cent-- are expecting higher growth next year, markedly higher than global and Asian peers (79 per cent and 77 per cent, respectively).

The report, based on a survey of business leaders from over 9,100 companies across 35 markets globally, gauges business sentiment and growth prospects. Of this over 3,200 businesses are from 12 Asian markets.

Over the next five years, half of the companies surveyed in the country are expecting sales growth of 15 per cent or more. This optimism extends to export projections as well, with nearly 98 per cent of them with overseas operations expect exports to grow over the next two years, higher than global peers (81 per cent).

The report shows 86 per cent of those polled feel protectionism is increasing in their main market. However, its impact has been more positive than negative for them as only under 14 per cent feel protectionist policies have had a detrimental effect.