Business Climate Surveys

Recently, Hong Kong was hit by the fifth wave of COVID-19 which took many lives and affected the city economically. Most respondents are still profitable, but the financial performance is weakening. Only a third of the companies are planning to increase their investments and some are even considering relocation. Yet, Hong Kong is still viewed to be on par with other cities or more competitive according to a majority.

As the largest economy in Europe and accounting for one quarter of the European Union’s GDP, Germany is Sweden’s most important trade partner. Throughout the turbulence of the past years, the relationship between Sweden and Germany remains strong. Most respondents expect both industry turnover and investments in Germany to increase in the coming year.

Sweden has a significant presence and a solid reputation in Mexico – Latin America’s second largest economy. Currently, there are over 150 companies in the country with a Swedish background. Swedish companies are present within most industries in Mexico, e.g., within security, construction, healthcare, retail, mining, and digital services to name but a few. Over the last decade, the Mexican economy has shown stable and robust growth providing a prosperous market for Swedish companies.

Swedish companies have a long history in Canada, with strong engagement, entrepreneurialism, and innovative thinking. This survey shows that the Canadian market offers excellent expansion opportunities for Swedish companies. Canada is a stable, growing, and competitive market, open to trade with foreign companies. Canada is recovering well from the initial shock of the Covid-19 pandemic with highly engaged federal and provincial government bodies.

France has historically been an important trade partner for Sweden and this relationship keeps growing. With its 67 million inhabitants, France is the third largest market in Europe, and the seventh largest economy in the world. Key findings of the Business Climate Survey of 2021 are that France is considered an important market for Swedish companies and that the trust in the economic recovery is high.

In these uncertain times, increased government spending can bring a multiplier effect in the economic growth and result in the boosted private sector’s sentiments and demand. A review of the outcome of the India Business Climate Survey 2021 reveals that despite the Covid pandemic, the performance expectations on the market have not much shifted in India.

Team Sweden España (the Embassy, Business Sweden, the Swedish Chamber of Commerce in Madrid and the Swedish Chamber of Commerce in Barcelona) have joined forces and carried out a business climate survey among Swedish companies in Spain. The purpose of the survey has been to increase the understanding of how Swedish companies perform in Spain and deepen the appreciation of the opportunities and challenges that the Spanish market poses.

In the Business Climate Survey Japan 2020, the market outlook was quite poor due to the concerns regarding the impact of Covid-19. However, despite the challenges posed by the pandemic, the large majority – 75 per cent – of Swedish firms in Japan remained profitable.

The US is a key market for many Swedish companies and the US is Sweden’s largest export market outside of Europe. Sweden as a country, as well as Swedish products and services have an excellent reputation for sustainability, innovation and quality among American businesses and consumers. With the US investing in green, sustainable and innovative solutions, Swedish companies can leverage their status as industry leaders.

South Africa has focused its efforts on growing its economy to becoming a globally competitive and more attractive investment destination through rapid industrialisation and diversity. Despite having weak economic growth in the last few years averaging just below 1 per cent in the 5 years before 2020, the country remains one of the continent’s top investment destinations.

A large number of Swedish companies have a presence or economic interest in Indonesia, one of Southeast Asia's emerging economies, and the scope for further investment is on the rise with steady economic growth and a booming middle-class. This Business Climate Survey provides insights from Swedish companies and their views on the market and operational conditions.

After the European Union - Vietnam Free Trade Agreement (EVFTA) became operational in August 2020, Swedish business in Vietnam has embarked on a new era. Despite the continuing challenges of the Covid-19 pandemic, the Business Climate Survey Vietnam 2021 illustrates Swedish firms' optimism towards Vietnam’s business environment.

Türkiye was one of the few OECD countries that experienced positive growth in 2020. But the country has faced severe challenges ranging from political and regional uncertainties to currency volatility and pandemic impacts. Despite this, no less than 75% of Swedish companies surveyed in Türkiye were profitable last year.

The prosperous business hub Hong Kong used to be known as “Asia’s world city”. But recent political changes and the economic downturn due to the pandemic have cast doubt on Hong Kong’s future. This survey captures the most up-to-date view of the business climate from Swedish companies on the ground.

Swedish companies perceive an improved business climate compared to last year and saw an impact of COVID-19 less negative than expected with forecasted revenue and profit increases in 2021 compared with last year, but challenges on the market remain.