Markets across the globe are giving business owners reason to feel confident about worldwide expansion and foreign exchange opportunities. Positive economic data and stock numbers in recent weeks has led more company leaders to feel more positively about prospects in other countries, yet research shows they're still hesitant about U.S. prospects.
Many business leaders are confident global growth will speed up in the months ahead, but only 64 percent are "very" or "somewhat" confident economic expansion will return to its previously high rates, according to The Business Council Survey of CEOs. The country they're most optimist about is China - 57 percent think business conditions will pick up soon within the country. Businesspeople don't appear to be nearly as confident about the U.S., with only 14.5 percent thinking the fiscal cliff deal did anything to address the nation's financial difficulties and 84 percent believing the government depends too much on taxes and doesn't put enough emphasis on spending reform.
"Corporations and governments around the world must work together to boost confidence," said Andrew Liveris, chairman of The Business Council. "Confidence is the major arbiter of corporate investment decisions, and is required for executives to make the sound judgments that will be required to stimulate growth around the world."
US markets unappealing to some
Market numbers could only be increasing business confidence in overseas markets. According to CBS News, stock numbers worldwide are hinting at a strong economic recovery in foreign countries. Even though U.S. markets have also performed well, investors could be more encouraged by foreign growth and attempt to take their business overseas. Events like the impending sequester, the recent payroll tax increase and gridlock in the American political system could be deterring some from expanding domestically.
However, making the move to foreign markets isn't always as easy as it seems. Whether a business owner wants to outsource production, open a branch on another continent or sell their product in foreign countries, they need the tools that will help them succeed. Oftentimes, entrepreneurs find they need assistance with the financial aspects associated with moving abroad, meaning they need the right international banking services. Aside from having access to the right banking options, they may also need a partner to help them navigate fx trading or foreign requirements as well as an institution that can provide more customized options to their unique needs.
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