Business leaders across France are slightly less optimistic about the economy than they were a year ago, according to our 2023 Business Leaders Outlook survey. Nearly three in five (58%) have a positive outlook about the global economy; last year, 62% were optimistic.

Optimism around the national economy has fallen as well—to 56% from 60% last year. Notably, 53% of business leaders in France said they expect a recession in 2023. Compared with other countries surveyed at the same time, French leaders are less worried about a recession than their counterparts in the United Kingdom (69%), the United States (65%), India (61%) and Germany (59%), but more concerned than leaders in Australia (46%).

Inflation and increased energy costs continue to weigh on French businesses. And supply chain pressures haven’t eased either: 63% said it has gotten worse over the past 12 months to source materials and ship goods.

Despite these challenges, many leaders are still confident in their own companies. Nearly nine in 10 (89%) expect their revenues to increase or remain the same in 2023.