Most business leaders across France are optimistic about the national economy—but that optimism is continuing a multiyear decline. According to our 2024 Business Leaders Outlook survey, 51% of executives have a positive outlook about the French economy; last year, 56% were optimistic, and in 2022, it was 60%. Compared to its neighbors, France’s optimism levels sit between those in Germany (59%) and the U.K. (43%).
This year, 7 in 10 leaders are optimistic about their own industry’s performance, and 77% are bullish on their own company’s prospects in 2024. Both metrics are relatively stable from last year.
Still, leaders largely expect their businesses to grow. About 78% expect their revenue and sales to increase in 2024, a 10-point increase over the 68% who predicted early last year that their sales in 2023 would improve over 2022’s performance.
As inflation continued, 73% of French business leaders report costs of business are rising—compared to 56% who said the same last year.
Labor, uncertain economic conditions, cybersecurity and fraud and rising interest rates are the dominant concerns cited in this year’s survey.
And as artificial intelligence and machine learning have entered the mainstream, midsize businesses suggest they are already exploring the powerful new technology. A solid 80% of companies are using or considering AI tools.
Contributors
Kyril Courboin
Head of France, Senior Country Officer
Olivier Simon
Head of Commercial Banking, France and Benelux
Cristina Bexa
Head of Commercial Banking Treasury Management, France
Pierre Maman
Vice Chairman, Head of Debt Financing, EMEA, Commercial Banking
Maja Torun
Head of Investment Banking, France
Annabelle Azoulay
Head of Private Banking, France
Vincent Juvyns
Global Market Strategist, Benelux, France and Geneva, Asset Management
About the survey
In its third year, the annual France Business Leaders Outlook survey is a snapshot capturing the concerns and expectations of senior business leaders at midsize companies with annual revenues generally ranging from €20 million and €2 billion.
This year, 261 respondents completed the online survey between November 16 and December 13, 2023. Results are within statistical parameters for validity; the error rate is plus or minus 6.0% at the 95% confidence interval.
Read our other 2024 Business Leaders Outlook Reports.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
