Business leaders are expecting double-digit revenue growth next year, offsetting damage from short-term supply chain disruption by pushing into new markets to reach more customers, according to new research from HSBC.
HSBC’s Navigator: Voice of Business report, which polled over 7,350 business decision-makers from 14 global markets in October 2021, including 519 from Egypt, found that more than two thirds of Egyptian businesses (68%) expect overall revenue to grow by more than 10% over the year and more than one in five (22%) expect growth to exceed 20%.
Todd Wilcox, HSBC Egypt Deputy Chairman and Chief Executive Officer, said: “Our HSBC Navigator study indicates companies are firmly back in growth mode. Egyptian businesses are optimistic and expect to return to pre-COVID levels of profitability by 2022. International expansion is at the heart of this growth with a desire to build back better by considering a broader range of Environmental Social Governance (ESG) factors in their business and supply chain”.
Despite a more positive outlook, supply chain disruption this year has created challenges that businesses need to overcome to achieve their growth ambitions.