
Global Business Leaders Maintain Confidence in Globalization, Standard Chartered Study Reveals
In a recent survey conducted by Standard Chartered and Bloomberg Media Studios, over 80% of global business leaders expressed confidence in globalization and trade, despite facing challenges like supply chain disruptions, geopolitical tensions, and a global energy crisis. The study, titled “Resetting Globalisation: Catalysts for Change,” collected insights from more than 3,000 leaders across 20 markets.
The research revealed that 88% of leaders believe globalization is thriving across five key areas: trade, capital, technology, talent, and sustainability. A significant majority (95%) supported free capital flow, while 86% recognized the positive impact of global trade on sustainable development. The leaders emphasized the importance of trade in fostering economic growth and enhancing resilience in supply chains, advocating for a collaborative approach to international trade agreements alongside supportive domestic policies.
Technology was highlighted as a critical factor, with 75% of the leaders asserting that the free flow of global data yields positive outcomes. Additionally, they called for the establishment of a safe digital future in finance. Business leaders from China showed optimism about the potential of digital assets in addressing challenges related to money transfers.
When discussing talent mobility, 74% agreed that hiring talent from around the globe is advantageous for businesses. UK business leaders were particularly likely to acknowledge the significant opportunities created by globalized services in their region.
The survey also indicated that 70% of respondents favor global governance mechanisms for sustainability, although only 56% concurred on the necessity for international cooperation to combat climate change. Reflecting on these findings, Bill Winters, Group Chief Executive of Standard Chartered, underscored the need for a reset to make globalization more equitable, inclusive, and sustainable. He highlighted the importance of resilient trade, increased capital flows to address funding gaps in developing markets, broader technological benefits, and a just transition towards achieving collective sustainability objectives.
The study aims to identify drivers that can promote a more inclusive and transparent globalization model, particularly benefiting smaller businesses and emerging markets. Despite the skepticism stemming from current global challenges, a significant number of leaders maintain a positive outlook on globalization and its future potential.