# Who’s feeling optimistic about the global economy in 2020?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-01-27
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Is a Recession Looming in 2020?
Meta Description: GlobalWebIndex data reveals optimism among technology and telecoms workers and other key industries for revenue and workforce growth, despite economic
URL: https://financedigest.com/whos-feeling-optimistic-about-the-global-economy-in-2020html

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_By **Chase Buckle**, Trends Manager at GlobalWebIndex_

Fears of an imminent recession have dominated the headlines in recent months. Whether it’s in analysis of the “inverted yield curve” or a projection about the outcome of Brexit, the US-China trade war, or the German economy’s weak performance in recent quarters, the warning bells from economic shocks of the past continued to sound.

At least 2020 began with some reprieve from the doomsayers. Veteran investors and economists challenged the assumptions made in earlier economic forecasts with a handful agreeing that there’s almost[no chance of a recession this year](https://www.barrons.com/articles/why-markets-will-gain-despite-looming-risks-barrons-roundtable-panelists-say-51578707631).

However, GlobalWebIndex data from 10 [markets reports](https://www.financedigest.com/cable-cars-and-ropeways-market-report-size-growth-demand-scope-opportunities-and-forecast-2016-2026-fmi.html "Cable Cars and Ropeways Market Report | Size, Growth, Demand, Scope, Opportunities and Forecast 2016-2026: FMI"), only around 4 in 10 knowledge workers in government, non-profit, and education sectors feel that revenue will grow in the near future, and they’re also marred by a pronounced uncertainty toward future projections.

The uncertainty extends from the public to the private sector with the brewing standoff over [technology among the principal issues surfacing from these major economic developments](https://www.financedigest.com/nano-one-awarded-10-million-from-sustainable-development-technology-canada.html "Nano One Awarded million from Sustainable Development Technology Canada"). [Artificial Intelligence](https://www.financedigest.com/artificial-intelligence-goes-global-demand-for-ai-reaches-four-continents-in-three-months-new-figures-from-synechron-show.html "Artificial Intelligence goes global: demand for AI reaches four continents in three months, new figures from Synechron show") and 5G connectivity are just two examples of technologies which sit at the heart of the stand-off between the U.S. and China.

Businesses are clearly not in favour of a hostile [trade relationship and they’re already having to deal](https://www.financedigest.com/exclusive-indian-car-makers-propose-tax-cut-on-imports-in-trade-deal-with-britain.html "Exclusive-Indian car makers propose tax cut on imports in trade deal with Britain") with the increasing uncertainty fuelled by mounting tariffs and legislation anyway. Despite this, knowledge workers in the [technology & communications sector](https://www.financedigest.com/how-communication-technology-can-help-relieve-pressure-on-staff-in-the-financial-services-sector.html "How communication technology can help relieve pressure on staff in the financial services sector ") still remain more optimistic than any other industry about the economic conditions affecting their companies in the near future.

**A sector swimming upstream**

Remarkably three-quarters of [technology and telecoms workers expect their company’s revenue](https://www.financedigest.com/mldw-technology-market-size-share-top-leading-companies-consumption-drivers-trends-forces-analysis-revenue-challenges-and-global-forecast-2028.html "MLDW Technology Market: Size, Share, Top Leading Companies, Consumption, Drivers, Trends, Forces Analysis, Revenue, Challenges And Global Forecast 2028") to grow in the near future, compared to just 9% expecting their revenue to decline. You might be forgiven for questioning whether [trade tensions are weighing on their minds as we’d expect](https://www.financedigest.com/ab-foods-says-primark-trading-ahead-of-expectations.html "AB Foods says Primark trading ahead of expectations"). This also stands as one of the few sectors experiencing minimal uncertainty around [revenue expectations](https://www.financedigest.com/global-lycopene-market-outlook-business-challenges-investment-opportunities-progression-status-revenue-expectation-and-forecast-2022-2029.html "Global Lycopene Market Outlook Business Challenges, Investment Opportunities, Progression Status, Revenue Expectation and Forecast 2022-2029"), with just 4% saying they’re not sure on the matter.

If we narrow this down to the U.S. only, confidence in [revenue growth diminishes compared to the global](https://www.financedigest.com/optical-satellite-communication-market-emerging-trends-to-boost-the-global-revenue-growth-discussed-in-a-new-market-research-report-by-tmr.html "Optical Satellite Communication Market – Emerging Trends to Boost the Global Revenue Growth Discussed in a New Market Research Report by TMR") picture to 59% among technology and telecoms workers, with a higher proportion believing revenue will stay the same (25%) or saying they’re not sure (10%).

Regardless of their country of origin, businesses across the globe are highly interdependent on one another in their [supply chains](https://www.financedigest.com/eliminating-payment-barriers-the-future-of-supply-chain-payments-is-digitization.html "Eliminating Payment Barriers: The Future of Supply Chain Payments is Digitization"), and the technology sector is no exception. For example, many iPhone parts are made in China, and this is a [key market](https://www.financedigest.com/alanine-market-key-players-swot-analysis-key-indicators-and-forecast-to-2029.html "Alanine Market Key Players, SWOT Analysis, Key Indicators and Forecast to 2029") for Apple. Equally, for all its troubles with the U.S. government, Chinese tech company Huawei is having to [source new chips](https://www.financedigest.com/exclusive-italy-woos-intel-over-multibillion-euro-chip-plant-sources.html "Exclusive-Italy woos Intel over multibillion-euro chip plant -sources") for their handsets away from the U.S. and have found themselves shut off from an important [growth market](https://www.financedigest.com/multi-functional-point-of-care-testing-market-growth-analysis-opportunities-trends-developments-and-forecast-to-2028.html "Multi-Functional Point Of Care Testing Market Growth Analysis, Opportunities, Trends, Developments, And Forecast to 2028").

Across the 10 markets surveyed, knowledge workers in the manufacturing, logistics, management training, and financial [services sectors](https://www.financedigest.com/protecting-the-uk-financial-services-sector-from-cyberattacks-now-and-in-2023.html "Protecting the UK financial services sector from cyberattacks now and in 2023") all share a similarly positive outlook to technology and telecoms workers.

**Workforce expectations**

The optimism seen among technology and telecoms, management training, and financial services knowledge workers also characterises their perspectives on anticipated workforce [growth in the near future](https://www.financedigest.com/hyperkalaemia-treatment-market-sale-will-apprehended-to-see-impressive-growth-in-near-future.html "Hyperkalaemia Treatment Market Sale Will Apprehended To See Impressive Growth In Near Future").

In fact, the technology sector is the most optimistic among all of them, with 62% expecting their workforce to grow in the [coming year](https://www.financedigest.com/mena-infant-milk-formula-market-to-record-exponential-compound-annual-growth-rate-in-the-coming-years.html "Mena Infant Milk Formula Market to Record Exponential Compound Annual Growth Rate in the Coming Years"), and just 4% believing it will decline. By comparison, expectations of workforce growth among government, non-profit, and education sectors remain modest, echoing figures seen in [revenue forecasts](https://www.financedigest.com/covid-19-is-impacting-the-variable-speed-drive-market-size-business-revenue-forecast-leading-competitors-and-growth-trends-2028.html "COVID-19 Is Impacting The Variable Speed Drive Market | Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2028").

It’s not difficult to see why such optimism in the [future exists in the workforce expectations in the technology](https://www.financedigest.com/nutragenomics-market-overview-forthcoming-technologies-future-trends-latest-insights-by-share-outlook-till-2022-2029.html "Nutragenomics Market Overview, Forthcoming Technologies, Future Trends, Latest Insights By Share, Outlook Till 2022-2029") space. The technology sector is often cited as the fastest growing industry in the [world’s economy](https://www.financedigest.com/gas-price-surge-just-one-more-headwind-for-world-economy.html "Gas price surge, just one more headwind for world economy"). Exceeding impossible expectations is a narrative which applies to many successful [tech ventures; hence the now infamous term for tech start-ups reaching billion dollar valuations, “unicorn”, first coined in 2013](https://www.financedigest.com/italys-brembo-sets-up-venture-capital-arm-to-invest-in-tech-startups.html "Italy’s Brembo sets up venture capital arm to invest in tech startups").

A major example of this is in the [social media](https://www.financedigest.com/meet-the-founder-of-the-web-3-decentralized-social-media-metaverse-and-on-achieving-guarantees-of-green-for-a-proof-of-impact-future.html "Meet The Founder Of The Web-3, Decentralized, Social Media Metaverse; And on Achieving ‘Guarantees of Green’ For A Proof-of –Impact- Future") industry, which continues to expand its role in being a facilitator for news consumption (40%); entertainment (38%); researching products to buy (31%); and sports consumption (22%, and growing each year).

As of September 2019, Crunchbase shows that there are around 500 privately-owned companies with “unicorn” status, posting a [total market value](https://www.financedigest.com/global-grass-fed-beef-market-value-is-forecast-to-total-us-17-9-bn-by-2031.html "Global Grass Fed Beef Market value is forecast to total US$ 17.9 Bn by 2031") of $1.8 trillion. Playing into this optimism is the idea that there seems to be no industry [safe from the disruption of the tech sector](https://www.financedigest.com/how-can-the-financial-sector-safely-use-the-iot.html "How can the financial sector safely use the IoT?") as it continues to innovate, something which is increasingly confirmed by our global data.

Of course, nothing is guaranteed. As tech firms perform inconsistently on the markets and consumers continue to worry about a potential recession, the next year is set to be a milestone in [economic uncertainty](https://www.financedigest.com/combatting-economic-uncertainty-in-2023-with-the-payments-sector.html "Combatting economic uncertainty in 2023 with the payments sector"). We can only wait and [see what 2020 has in store consumers](https://www.financedigest.com/european-airlines-see-travel-withstanding-consumer-squeeze-for-now.html "European airlines see travel withstanding consumer squeeze for now") and businesses alike.


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