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1、International Business Report(IBR)Q1 Data reportQ1 Data report09 May 2024|2023Grant Thornton International LtdThank you for joining.Welcome.2|2023Grant Thornton International LtdAgenda 3Q1 Respondent profile013Global economic context027Q1 IBR results Optimism 0316Q1 IBR results Global ambitions 0421

2、Q1 IBR results Expected business trends0525Q1 IBR results Expected business constraints0635Summary0739|2023Grant Thornton International LtdQ1 Respondent profile 014|2023Grant Thornton International LtdRespondent profileglobally,3,823 completed interviews recorded for Q1 2024.5313261209 2082071951711

3、6815814312294939291908888888787878585857976767170Sample achieved by country Sample achieved by country Boosted sampleBoosted sample|2023Grant Thornton International LtdIBR interviews the c-suite exclusively,28%are CEOs in businesses that record between$51m and$1bn with about 50-499 employees.6CEO 28

4、%CFO 17%COO16%CMO 6%Chief People Officer 7%Chairperson 3%Other 3%Director 20%25-34 32%35-44 36%45-54 20%55-649%65+3%Entry41%Middle51%Large 8%($1bn)n=382377%50-4999%500-9997%1000-24992500-10k+RoleRoleAnnual Annual turnover turnover(US$)(US$)Number of Number of employees employees AgeAge|2023Grant Tho

5、rnton International LtdGlobal economic context 027|2023Grant Thornton International Ltd8 The economy is steady but slow showing resilience.Growth is expected in 2024.|2023Grant Thornton International Ltd9 LATAM,UK AND Eurozone expected to lag in 2024(UK AND Eurozone was also weak in 2023)|2023Grant

6、Thornton International Ltd10 Inflation is falling but interest rate reductions will be gradual|2023Grant Thornton International LtdRecent data support our view that the worst has passed for the global economy.11|2023Grant Thornton International LtdActivity in Latin America rebounded in Q1 following

7、H2 2023 weakness and we expect momentum to build in H212Sticky services inflation remains a source of concern in the region,but the disinflationary process continues on the back of slowing prices for goods.Agriculture in the region rebounded in Q1,but the regional print will be dragged down by an on

8、going domestic demand correction in Argentina,which will cause real GDP to contract this year.The medium-term outlook for the region is still positive but growth is capped by low investment and significant political risk.|2023Grant Thornton International Ltd13 Forecast:weak trade growth across US,Af

9、rica,Japan and the UK in 2024|2023Grant Thornton International LtdEconomic activity has Economic activity has continued to continued to outperform outperform expectations but expectations but remains subdued.We remains subdued.We expect momentum to expect momentum to build in H2 2024.build in H2 202

10、4.In summaryRegional differences Regional differences remain.Growth in remain.Growth in APAC,Africa and the APAC,Africa and the US is set to outperform US is set to outperform the world economy the world economy this year,while this year,while LatamLatam and Europe will lag.and Europe will lag.Globa

11、l inflation is Global inflation is expected to continue expected to continue its decent from its its decent from its 2022 peak,but sticky 2022 peak,but sticky services inflation services inflation remains a concern in remains a concern in many economies.many economies.Growth is beginning to Growth i

12、s beginning to regain momentum.regain momentum.Since December,weve Since December,weve raised our global GDP raised our global GDP growth forecast for growth forecast for 2024 by 0.4ppts to 2024 by 0.4ppts to 2.5%.2.5%.14|2023Grant Thornton International LtdQ1 IBR findings Optimism 0316|2023Grant Th

13、ornton International Ltd6665675964706957435956Q1-24H2 2023H1 2023H2 2022H1 2022H2 2021H1 2021H2 2020H1 2020H2 2019H1 2019-16%16%Optimism holds steady over 3 consecutive periods 17As was evident over 2023,two-thirds of businesses express optimism regarding the economic outlook of their respective cou

14、ntries.COVID-19 Pandemic declared(March 2020)-5%5%-6%6%+8%+8%Russian/Ukrainian War (Feb 2022)Israel-Hamas Conflict (Oct 2023)B2.How optimistic are you for the outlook of your countrys economy over the next 12 months?Q1-24 n=3823Each wave n4610|2023Grant Thornton International LtdSouth America leads

15、with 72%of businesses in the region optimistic for their economy,its highest scores since 2012.APAC achieves a record high for the region with an optimism score of 70%18354555657585Q1-24H2-23H1-23H2-22H1-22H2-21H1-21H2-20H1-20H2-19H1-19Change in Optimism over time by Region(%)Change in Optimism over

16、 time by Region(%)APACSOUTH AMERICANORTH AMERICAEMEAGLOBALB2.How optimistic are you for the outlook of your countrys economy over the next 12 months?Q1-24 n=3823Each wave n4610 SA:72%(+6%)APAC:70%(4%)EMEA:5%(+1%)Q1-24 score(change from H2-23)NA:66%(-4%)|2023Grant Thornton International LtdOptimism a

17、t country level191313 countries note optimism levels above the Global average of 66%,up from 8 8 countries in H2-23,with new countries reaching this benchmark in Q1-24:1.Brazil2.Singapore3.ArgentinaAnd 2 newly added countries:4.Morocco5.EgyptThree countries continue to express optimism,with scores a

18、bove the global average since 2019:China,Indonesia and the USA.China,Indonesia and the USA.CountryCountryQ1 Q1-20242024 H2 H2-20232023 H1 H1-20232023 H2 H2-20222022 H1 H1-20222022 H2 H2-20212021 H1 H1-20212021 H2 H2-20202020 H1 H1-20202020 H2 H2-20192019 H1 H1-20192019Indonesia8984757676787879567876

19、India8380785675777471636979China7977737367838683657463Vietnam7668637588805850658278Morocco75Mexico7481726364635961416754Ireland7372785662857661395778Brazil7260726757626661406954United Arab Emirates7277767471716360697760Egypt72Singapore6958645465725862333848United States of America6872757281808369507

20、369Argentina6748242525393047415235Spain6450563649576029244039Malaysia6151636073635939453337Philippines6154716574806649546784Nigeria6156695356475163645874United Kingdom5964534659696839314647Australia5762616683747365475559Turkey5549414346556745404834Kenya54Germany5356605053646741314558Canada5248715463

21、646249445661Greece5152583043525447376844France5049593962676232355350South Africa4853445256454942475751Italy4843464748635333233337Thailand4655725658604733243340Sweden3827301319717531132028Japan383252172334171561616South Korea351820835223817101621Global6665675964706957435956Performs above Global Avera

22、ge Ranked on Q1-24 optimism levels|2023Grant Thornton International LtdOptimism by Industry20*Pre-Covid data not collectedAsset mg*.-2%Technology-2%H1-23 H2-23 change in optimismBanking+10%Energy-6%|2023Grant Thornton International LtdQ1 IBR findings Global ambitions 0421|2023Grant Thornton Internat

23、ional Ltd454244404244413435343835373839424043414241433447434745444545343534373438373630Q1 2024H2 2023H1 2023H2 2022H1 2022H2 2021H1 2021H2 2020H1 2020%Expecting an increase:TrendedRevenue from NDMsStaff Ratio focused on NDMsNo.of Countries sold toExportsUse of ND suppliers&outsourcersNon-domestic ma

24、rket expansion increases in Q1-24 after H2-23s decline,returning to 2021 and 2022 levels.B3.Please indicate the trend you expect for your business over the coming year,that is,whether you expect it to increase,decrease or remain the same,in the following areas:Q1-24 n=3823.Each wave n4610 Notably,ex

25、pectations for increased exports,NDM revenue and the number of countries sold to are significantly up from H2 2023.|2023Grant Thornton International LtdAll regions expect increased NDM expansion in Q1-24,partciulary APAC,EMEA and South America.North Americas expectations improve from H2-23 but remai

26、n relatively modest relative to the regions historical figures.2330405060H1-21H2-21H1-22H2-22H1-23H2-23Q1-24%Expecting an increase in ExportsExports in 202430405060H1-21H2-21H1-22H2-22H1-23H2-23Q1-24%Expecting NDM Revenue NDM Revenue Increases Increases in 202430405060H1-21H2-21H1-22H2-22H1-23H2-23Q

27、1-24%Expecting an increase in No.of No.of Countries sold to Countries sold to in 202425354555H1-21H2-21H1-22H2-22H1-23H2-23Q1-24%Expecting an increase in the use of ND SuppliersND Suppliers25354555H1-21H2-21H1-22H2-22H1-23H2-23Q1-24%Expecting an increase in the ratio of staff focused on NDMsratio of

28、 staff focused on NDMsB3.Please indicate the trend you expect for your business over the coming year,that is,whether you expect it to increase,decrease or remain the same,in the following areas:Q1-24 n=3823.Each wave n4610|2023Grant Thornton International LtdGlobally ambitious Regions&Countries Q1-2

29、424Q1 2024Q1 2024ExportsRev from NDMsNo.of countries sold toUse of ND suppliersRatio of staff focused on NDMIndiaIndia7568745463TurkeyTurkey7469645554NigeriaNigeria7055704245South AfricaSouth Africa6945694451IndonesiaIndonesia6367654842Vietnam6358533223BrazilBrazil6161595153PhilippinesPhilippines606

30、0685152China5545493534Thailand5447423329Malaysia4944344038Singapore4941494138United Kingdom4843423635Spain4843413135United States of America4445393735United Arab Emirates4334342928Mexico4341383130Italy4037483247France4045323230Australia3830332530Canada3643342827Egypt3528392231Germany3344323037Sweden

31、3030422427Greece3039202115South Korea3035222619Kenya2728252112Ireland2424221119Japan2231192317Argentina21171188Morocco151914316Global46464545424235353535Performs above Global Average 7Globally ambitious countries in Q1-24 across at least 4 of the 5 NDM expansion markers.These include:1.India2.Turkey

32、3.Nigeria4.South Africa5.Indonesia6.Brazil 7.PhilippinesRegions ExportsRev from NDMsNo.of countries sold toUse of ND suppliersRatio of staff focused on NDMAPAC5145463535EMEA4142393236South America4847443737North America4445393634Global4645423535South America demonstrate the strongest ambitions for N

33、on-Domestic Market expansion in Q1-24|2023Grant Thornton International LtdQ1 IBR findings Expected business trends0525|2023Grant Thornton International LtdTop 5 Investment Trends expected to increase tracked over time265960605762616656555553585658535355515452555454474947444646383940363936H1 2021H2 2

34、021H1 2022H2 2022H1 2023H2 2023Q1 2024Top 5 Expected Trends 2021 Q1-24(Ranked)Investment in technologyInvestment in PeopleResearch&developmentInvestment in Brand*Investment in Sustainable initiatives*Plants&MachineryInvestment in new buildingsRank12345Over the last three years,businesses have consis

35、tently anticipated increased investment in Technology,People and R&D.Business outlook for 2024 also includes expectations for increased investment in brand and sustainable initiatives,to replace historical expectations of investments in plats&machinery and new buildings.*previously phrased as“invest

36、ment in staff skills”*introduced in 20245454B3r:Please indicate the trend you expect for your business over the coming year,that is,whether you expect it to increase,decrease or remain the same,in the following areas:Q1-24 n=3823|2023Grant Thornton International Ltd6360677266595057605856495257554947

37、5665545651535454APACEMEASouth AmericaNorth AmericaGlobalTop 5 Expected Trends By Region Q1 2024(Ranked)Investment in technologyInvestment in PeopleResearch&developmentInvestment in the brandInvestment in sustainable initiativesTop 5 trends by Region27Investment in Technology remains a highly anticip

38、ated trend across all regions,as does investment in People,particularly in APAC and South America.Sustainability initiatives are expected to rise to the fore in EMEA and to a lesser extent in APAC and South America.North America drives expectations for higher investment in Brand,while APAC anticipat

39、es R&D increases Rank12345B3r:Please indicate the trend you expect for your business over the coming year,that is,whether you expect it to increase,decrease or remain the same,in the following areas:Q1-24 n=3823|2023Grant Thornton International LtdTrends by Industry 28rankTechnologyAsset ManagementB

40、ankingEnergy 1Investment in Technology Investment in Technology(76%)(76%)Investment in People(66%)Investment in People(66%)Investment in Sustainable Investment in Sustainable Initiatives(71%)Initiatives(71%)Investment in Technology Investment in Technology(66%)(66%)2Investment in the Brand Investmen

41、t in the Brand(68%)(68%)Investment in Technology Investment in Technology(65%)(65%)Investment in the brand Investment in the brand (70%)(70%)Investment in plant and Investment in plant and machinery(55%)machinery(55%)3Investment in R&D(67%)Investment in R&D(67%)Investment in Sustainable Investment i

42、n Sustainable Initiatives(57%)Initiatives(57%)Investment in Technology Investment in Technology(70%)(70%)Investment in the brand Investment in the brand (51%)(51%)4Investment in Sustainable Investment in Sustainable Initiatives(65%)Initiatives(65%)Investment in the Brand Investment in the Brand(56%)

43、(56%)Investment in People(69%)Investment in People(69%)Investment in R&D(51%)Investment in R&D(51%)5Investment in People(63%)Investment in People(63%)Investment in R&D(54%)Investment in R&D(54%)Investment in R&D(62%)Investment in R&D(62%)Investment in Sustainable Investment in Sustainable Initiative

44、s(50%)Initiatives(50%)Investment in Technology is the most common expectation for Tech and Energy Industries.Asset Management anticipate greater investment in People,while Banking is looking to increase investment in Sustainable Initiatives.B3r:Please indicate the trend you expect for your business

45、over the coming year,that is,whether you expect it to increase,decrease or remain the same,in the following areas:Q1-24 n=3823|2023Grant Thornton International LtdGlobally,AI is the most anticipated technological investment.29APACEMEASouth AmericaNorth AmericaGlobalInvesting in artificial intelligen

46、ce(AI)Introducing advance technologyCyber security toolsStreamline business processes and increase efficienciesPurchasing/upgrading software63635259525244494249514740495165526249496155545150North America drives expectations for increased investment in Cyber Security,while APAC anticipates using tech

47、nological investments to introduce more advanced tech and streamline business process to increase efficiencies.B3r:Please indicate the trend you expect for your business over the coming year,that is,whether you expect it to increase,decrease or remain the same,in the following areas:Q1-24 n=3823|202

48、3Grant Thornton International LtdQ1 IBR findings Expected business constraints 0635|2023Grant Thornton International LtdBoth the cost and availability of labour costs become increasingly challenging for businesses in Q1-2436Rank123456Barriers to Business Growth 2021 Q1-24(Ranked)H1 2021H2 2021H1 202

49、2H2 2022H1 2023H2 2023Q1 2024Energy costs fall to the 4th most cited business constraint and Cyber security and digital risk(newly tracked)ranks 5th on businesses list of concerns.B5.To what extent are the following constraining your ability to expand/grow your business?%agree.Q1-24 n=3823|2023Grant

50、 Thornton International LtdRegion specific challenges continue in Q1-2437Rank123456Barriers to Business Growth 2021 Q1-24(Ranked)APACEMEASouth AmericaNorth AmericaB5.To what extent are the following constraining your ability to expand/grow your business?%agree.Q1-24 n=3823APAC notes the size of the

51、market and competition as key business constraints which speaks to a highly competitive market in the region.North America is another region noting competition as a challenge,but primarily faces barriers relating to workforce cost and skill levels.The region is also the most challenged by Cyber risk

52、.Business in EMEA is most hindered by Energy Costs,with Red tape also an obstacle.Regulatory barriers however remain most prominent in South America,one of the regions core business constraints.|2023Grant Thornton International LtdIndustry specific challenges occur with Economic uncertainty a common

53、 constraint,but Technology more limited by Cyber risk and Banking by Red Tape and the lack of skill available in the workforce.38rankTechnologyAsset ManagementBankingEnergy 1Cyber security/digital risk Cyber security/digital risk(56%)(56%)Economic Uncertainty(58%)Economic Uncertainty(58%)Regulations

54、/Red Tape Regulations/Red Tape(68%)(68%)Economic Uncertainty(58%)Economic Uncertainty(58%)2Economic Uncertainty(55%)Economic Uncertainty(55%)Cyber security/digital risk Cyber security/digital risk(51%)(51%)Availability of Skilled Availability of Skilled Workforce(66%)Workforce(66%)Supply chains&comp

55、lex Supply chains&complex procurement systems(55%)procurement systems(55%)3Competitors/Competition Competitors/Competition(54%)(54%)Availability of Skilled Availability of Skilled Workforce(49%)Workforce(49%)Labour Costs(65%)Labour Costs(65%)Competitors/Competition Competitors/Competition(54%)(54%)4

56、Size of the Market(53%)Size of the Market(53%)Regulations/Red Tape Regulations/Red Tape(46%)(46%)Economic Uncertainty(63%)Economic Uncertainty(63%)Cyber security/digital risk Cyber security/digital risk(53%)(53%)5Labour Costs(52%)Labour Costs(52%)Size of the Market(45%)Size of the Market(45%)Competi

57、tors/Competition Competitors/Competition(63%)(63%)Labour Costs(52%)Labour Costs(52%)6Availability of Skilled Availability of Skilled Workforce(52%)Workforce(52%)Competitors/Competition Competitors/Competition(45%)(45%)Supply chains&complex Supply chains&complex procurement systems(62%)procurement sy

58、stems(62%)Regulations/Red Tape Regulations/Red Tape(50%)(50%)B5.To what extent are the following constraining your ability to expand/grow your business?%agree.Q1-24 n=3823|2023Grant Thornton International LtdSummary0739|2023Grant Thornton International LtdSummary as at Q1-2440OPTIMISM Optimism,at 66

59、%,remains steady,but shifts are seen regionally,with APAC and South America trending up,while North America trends down over three consecutive periods.40C O N S T R A I N T S,G L O B A L A M B I T I O N S&F U T U R E T R E D SEconomic uncertainty remains the core constraint to business globally,with

60、 both the availability and cost of labour noted as a greater business challenge in Q1-24.APAC is limited by the size of the market,and Latin America continues to contend with regulatory barriers,while North America is most constrained by the lack of skill in the workforce.While H2-23 saw business ap

61、proach international growth strategies more cautiously,the beginning of 2024 notes higher ambitions for non-domestic market growth globally,with all regions expecting exports to increase this year.North Americas ambitions for expansion abroad continue to be softer than historical levels,while appeti

62、te for non-domestic expansion continues to grow in APAC,EMEA and South America.Investments in Technology continue to be highly anticipated globally,specifically investments in AI.Businesses also foresee continue investment in both people and R&D,with business outlook anticipating investments in bran

63、d and initiatives that contribute to sustainable development.6767%6565%6666%H1-23H2-23Q1-24 2023 member firm name.All rights reserved.Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance,tax and advisory services to their clients and/or refers to one or mo

64、re member firms,as the context requires.Grant Thornton International Ltd(GTIL)and the member firms are not a worldwide partnership.GTIL and each member firm is a separate legal entity.Services are delivered by the member firms.GTIL does not provide services to clients.GTIL and its member firms are not agents of,and do not obligate,one another and are not liable for one anothers acts or omissions.