55 percent of companies see stagnant sales in 2020

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55 percent of companies see stagnant sales in 2020

More than half of Korean companies say that sales this year will be the same as sales last year, according to an HSBC survey.

HSBC Korea on Thursday said that in a survey of 350 Korean companies, 55 percent said they expect growth in 2020 to be the same as growth this year.

The bank, which surveyed 9,131 companies in 35 countries, said that globally, the result was the highest. Only Japanese companies saw stagnant sales at the same rate.

The survey found that 22 percent of Korean companies were expecting sales to decline next year, while 9 percent said sales would grow more than 15 percent.

Among the 22 companies that were pessimistic, 57 percent cited increasing competition as the reason for their negative views.

A total of 50 percent of those with the negative view were concerned about the lack of skilled workers.

Over the long term, 74 percent expressed optimism, expecting sales to grow in the next five years.

While the study found that 65 percent of the global companies expressed concern over growing protectionism, at 71 percent, Korean companies were less worried, with 51 percent expressing concern.

Only 26 percent of the companies said they would lose more than gain as a result of protectionism.

Only 44 percent of the Korean companies were worried about geopolitical risks, whereas 64 percent of global companies and 61 percent of companies in the Asia-Pacific region shared the same concern.

Korean companies still consider the Asia-Pacific as their most important trading market, but that has declined from 86 percent in 2018 to 71 percent this year.

China remains Korea’s most important trading partner in the next three to five years, according to 27 percent of respondents.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]
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