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2022 Business Leaders Outlook: France

A survey of executives from midsize businesses in France shows optimism two years into the pandemic, even as labour challenges loom.

After nearly two years of disruptions caused by the COVID-19 pandemic, business leaders in France have a bright outlook on the year ahead. Our 2022 Business Leaders Outlook: France survey of French companies with revenues between €20 million and €2 billion found that profits have met or surpassed pre-pandemic levels, and businesses expect to grow their sales and increase capital expenditures moving forward.


“French companies have remained resilient, despite the lingering effects of COVID-19 disruptions and geopolitical issues. This is likely a result of difficult but necessary decisions midsize companies made early in the pandemic, which have set them up to recover well.” 

—Olivier Simon, Head of Commercial Banking, France, J.P. Morgan


Roughly six in 10 business executives said they’re optimistic about the global, European and national economies. That confidence boosts to 79% when asked about each business’ industry, and it reaches 82% when asked about the company’s own performance. 

More than four out of five business leaders expect their companies to thrive in 2022, and none of those surveyed expressed fear their business will not survive. 


Adapting to new workforce pressures

Executives see the labour shortage as the largest impediment to growth, with recruiting/hiring as the growing pain mentioned most often (31%). As a result of the labour shortage, employees are working more, companies are reducing operating hours and using more outside consultants.

© 2022 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.

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