HSBC Navigator provides comprehensive insight into the now, next and how for business, representing the views of over 9,100 business decision-makers across 35 markets. This report gives an understanding of how businesses like yours can continue to grow now and in the future.


Optimism abounds, undeterred by low-key growth
Russia’s economy continues to grow, but the pace is modest, despite short-term inflationary risks receding. Russia is also more exposed to potential global shocks, such as a large fall in oil prices. Despite this, Russia’s companies are keen on international trade and their outlook on global business is higher than the rest of Europe or the world.

State of play

Transformation low on Russia’s agenda
The outlook for Russian firms is on a par with the global and European averages, with 78% of companies expecting to grow next year. The region is aligned with Europe in that there are slightly fewer companies anticipating high growth of 15% or more (18% versus 21% globally).

However, the standout difference for Russian firms is that transformation appears to be low on the agenda. Only 34% of companies are expecting substantial change in their business in the next five years. That’s considerably below the global average of 50% and the European level of 41%.

78 %

of companies expect to grow next year

Expectations for future business growth

Expect sales to grow – Next year*
Expect sales to grow – Next five years*
Grow by 15% or more – Next year
Grow by 15% or more – Next five years
Grow by 6-14% – Next year
Grow by 6-14% – Next five years

Next year

Grow by 5% or less 26%
Stay the same 12%
Expect sales to shrink   9%

Next five years

Grow by 5% or less 23%
Stay the same 6%
Expect sales to shrink   9%

* This is the sum of grow by 5% or less, 6-14%, 15% or more

What you need to know

  1. 1

    Russian businesses are more optimistic about the outlook for international trade in the next one to two years at 83% compared to the previous two years (73%).

  2. 2

    International traders tend to be more optimistic about their prospects for growth.

  3. 3

    Only around one in 10 Russian companies believe their sales will shrink in the next year.

What your business can do

  • Consider sustainability measures. 30% of companies say an increasing interest in sustainability is a driver for projected growth.
  • Expand into new markets. 51% of firms say that new markets are driving future growth.
  • Find ways to improve the quality of your offering, which is a strategy to overcome potential threats for 41% of firms.