Recession: Almost half of UK firms expect economy to contract in 2020
- Almost half of UK businesses expect there will be an economic recession this year, while one in three believes the contraction could be as much as 4 per cent, according to a survey of senior directors.
- The research, based on 250 senior executives at medium-large sized businesses across the UK, also revealed that well over a third (37 per cent) also expect to see a global recession or international global crisis in 2020.
- The survey by trade finance provider Stenn found that almost two-thirds of firms ranked increased geopolitical tensions, such as trade tariffs, Brexit or regional instability, as the number one risk to businesses in 2020.
- Increased environmental concerns and climate change came in as the second largest risk (50 per cent), while changing consumer behaviour, such as shopping online rather than in store, took third place (48 per cent).
Source: The Independent/Stenn Survey