Despite a darkening economic outlook that has mid-sized companies worldwide bracing for a major slowdown, South Africa (SA) and the United Arab Emirates (UAE) have emerged as the unexpected global frontrunners in business confidence.

According to Moore Global’s latest Thrive Index, which surveyed corporate executives across 17 countries, prolonged geopolitical friction, high interest rates, and stubborn inflation are finally forcing the international mid-market to scale back growth expectations. Yet, while traditional economic powerhouses in Europe, Japan, and Canada face dwindling optimism, SA and Emirati firms are bucking the global trend, tying for the highest business confidence scores in the world.

Locally, SA businesses are reaping the benefits of recent structural reforms that have unlocked far better access to international capital. This has provided a crucial buffer as mid-market companies, the structural backbone of international supply chains, transition from a period of baseline resilience over the last 12 months into a much more cautious fiscal year.

Across the board, the clear winners globally are companies leaning heavily into technology. Roughly a third of the international businesses reporting positive growth credited digital transformation and rapid artificial intelligence adoption for their success. This heavy reliance on automation has triggered a massive parallel investment in cybersecurity as firms race to protect themselves against the digital risks that come with it.

The report also highlights a looming worldwide showdown over workplace flexibility. Increasingly frustrated by the logistics of managing remote teams during an economic down-market, nearly 60% of business leaders surveyed globally revealed plans to restructure their operations over the coming year to push for a return to more in-person working.

–ChannelAfrica/ MooreGlobal–