From the perspective of German companies at their international locations, there is no powerful upswing in sight for the global economy. There are great challenges due to geopolitical risks and ever-flaring uncertainties on the financial markets. Inflation rates are still high in many countries, which is dampening demand and prompting many central banks to continue their tight monetary policies. Higher interest rates make corporate financing more difficult. Nevertheless, there are positive impulses: energy prices have fallen significantly in recent months, which has led to a better economic development particularly in Europe than was expected in the preliminary survey in autumn 2022. Global supply chains have stabilised, and fewer and fewer companies are affected by disruptions. This is due, among other things, to the end of China's zero-covid policy. In addition, the world's largest economy - the USA - is still proving robust despite high inflation and increased interest rates. Overall, German companies at their international locations are more positive about the future than they were in autumn 2022. However, expectations remain subdued - this is shown by the assessments of the more than 5,100 companies surveyed by the AHKs in spring 2023.