Information Releases

Survey of Corporate Attitudes towards the economic outlook for 2022

82.5% of companies are concerned:“high cost of raw materials” is a key phrase for 2022
— Although many more companies are expecting recovery, uncertainty looms because of supply constraints and the variant strain. —


The TDB Business Trends Research economic diffusion index (for November 2021) improved for three months in a row. Amid the infection situation of COVID-19 having settled down, more opportunities to go out boosted consumer spending-related business confidence. However, domestic corporate goods prices recorded their highest-ever growth rate, at up 9.0% year-over-year, and the impact of supply constraints such as a rise in purchase prices and the semiconductor shortage is of concern. Furthermore, the trend of the COVID-19 variant strain is also worrying.

Teikoku Databank has conducted a survey of corporate attitudes towards the economic outlook for 2022. This survey was conducted in conjunction with the November 2021 TDB Trends Research.

*Survey period: November 16 – November 30, 2021; Companies Surveyed: 23,679; Valid Responses: 11,504 (Response Rate: 48.6%).

*The survey for the economic outlook has been conducted every year since November 2006, and this is the 16th such survey.

*Details of this survey can be found on the dedicated Economic Trend Survey Website. (

Primary points of survey results(summary)

  1. 1 22.3% expect “recovery” in the economy for 2022, with a significant improvement in the personal services industry.
    The percentage of companies considering the economic outlook for 2022 to be in a “recovery” phase was 22.3%, an increase of 8.5 points from the economic outlook for 2021 (conducted in November 2020). In particular, the outlook for the personal services industry, such as “restaurants” (37.7%, up 24.7 points YoY), “Japanese inns and hotels” (32.6%, up 17.4 points YoY), and “entertainment service” (29.0%, up 15.2 points YoY), improved significantly.
    On the other hand, the percentage of companies expecting a “worsening” phase decreased, at 12.6%, down 19.8 points from the economic outlook for 2021.
  2. 2 Causes of concern for the economy for 2022, with a “rise in crude oil/material prices” at 82.5%, increased abruptly from last year.
    When what are causes of concern that will adversely affect the economy for 2022 was asked, a “rise in crude oil/material prices” ranked top at 82.5% (up 75.2 points YoY) (multiple answers up to 3; the same applies hereinafter). By industry in particular, the rate of concern tended to be high in the manufacturing industries, such as “building materials, furniture, ceramics & pottery manufacturing” (93.9%), “chemicals manufacturing” (93.8%), and “steel, non-ferrous, mining” (91.3%), followed by “magnifying the impact caused by infection” (39.5%), “staffing shortage” (30.6%), and “Chinese economy” (21.7%), etc.
  3. 3 Policies required for economic recovery, “containing the infection” such as COVID-19, remained high, at 50.3%.
    With respect to the policies required for economic recovery, “containing the infection” ranked top at 50.3% (multiple answers; the same applies hereinafter) as in the previous survey. “Countermeasures against the shortages of raw materials and soaring prices” (41.4%) and “expanding support measures for SMEs” (39.4%) followed.
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