Chamber Pulse: Global markets, local landscapes

This annual report is produced by the International Chamber of Commerce (ICC) and its World Chambers Federation (WCF). Results are available for 2024 and 2025. 

What are the key findings? 

Business sentiment is cautiously positive, but regional contrasts are stark. While 89% of chambers of commerce rate the business environment as at least acceptable, views diverge sharply across regions (Figure 1). 

Inflation remains a top concern, with significant price hikes reported in nearly 40% of countries featured in the survey. Chambers expect prices to increase in eight out of 10 countries. 

Geopolitics, inflation and tariffs top the list of obstacles for businesses. Regional barriers vary: North America struggles with tariffs and inflation, the Middle East and North Africa with weak foreign demand and financing gaps, South Asia with taxation and geopolitical tensions, and Latin America and the Caribbean with insecurity and domestic instability (Figure 2). 

Trade uncertainty overshadows tariffs as the leading challenge for businesses. A striking 74% of chambers identify uncertainty as the main trade challenge, overtaking concern over tariffs. This is especially prevalent in Europe, Asia and Latin America and the Caribbean. 

Trade disruptions hurt businesses in key markets. Chambers in over half of the countries report that trade conditions have worsened, particularly in North America, Europe and Central Asia and East Asia and Pacific. 

Market diversification is the preferred strategy over relocation, as businesses adapt to rising protectionism and shifting supply chains (Figure 6). 

AI is gaining ground, with widespread use reported by 22% of respondents, up from 16% in 2024, but adoption remains uneven. Asia leads in AI preparedness, while talent and data gaps hinder progress on AI adoption elsewhere.