Starting an Entrepreneurial Venture: Legal and Market Structures

CW 2 Global business
environment
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“Consumer Confidence”
It is an economic barometer which is
determined by different institutions in several
countries. The rise in consumer confidence in
market showcases economic growth and
increase in consumer consumption of different
goods and services. High consumer confidence
is essential for growth of business firms in
specific market. As per the GFK consumer
confidence survey the consumer confidence
lowered by one point in December 2021 in
comparison November 2021 (Business and
Consumer Confidence: Key Economic
Indicators, 2021).
Business Sectors which will
prosper in 2022
Oil sector will prosper in the year 2022 and
will become one of the business sectors to
quickly recover from the damage caused by the
pandemic. The economic environment created
because of the pandemic will lead to increased
production in the oil and gas industry which
will act as booster for economic betterment of
the oil sector. This is evidenced by the tight
supply line for crude oil as the current supply
line consists of 432 million barrels while the
As per the OPEC the energy market in the
upcoming year provides an optimistic view
with growth prospects for business firms. The
supply surplus in the year 2022 will replenish
oil inventories in the major consuming
countries which is positive sign for the oil
industry. The business firms from the oil sector
which will see prosperity in the next year is
Exxon Mobil. The American natural gas
company has seen a fundamental recovery of
its cash flow prospects in financial ear of 2021
(Exxon Mobil: A Top Recovery Pick For 2022,
2021). This trend will continue in the next year
as petroleum prices are set for continual
recovery in the year 2022.
Business Sectors which will
struggle in 2022
The beginning of the pandemic and
spread of different variants throughout the
globe negatively affected the travel industry.
Business firms engaging in the travel industry
such as the transportation industry have faced a
difficult year because of pandemic travel
restrictions. The upcoming year will also be
filled with struggle and challenges for the
travel industry as the tentative revival of the

average five-year supply line has been 460
million barrels (Climate change: Fossil fuel
production set to soar over next decade, 2021).
The positive reactions in the supply line
showcases continues increase in demand for oil
and opportunities for business firms in the oil
sector. As per the report of intergovernmental
panel on climate change oil production will
continue to increase in the upcoming years and
will become main cause of pollution due to
fossil fuel production increase. The prediction
of three major energy organizations OPEC,
International energy agency and the US Energy
information administration suggests that
demand growth in the year 2022 in the range of
3.3 to 3.4 million barrels per day which will
allow full return to pre pandemic levels (Where
is the oil market heading in 2022? 2021). In
this way the oil sector will be able to quickly
recover from the negative impact of pandemic
and prosper in the upcoming year.
travel industry is affected by worldwide
increasing cases of Omicron (Will Omicron
stall the airline sector recovery in 2022?,
2021). Many European nations such as
Germany and France have introduced
restrictions related to travel of UK citizens.
This trend will continue in the future as
Omicron is responsible for 90% of rise in
infection cases in UK (Now Christmas is over,
how bad is the Omicron situation in England?,
2021). This is fast spreading variant of the
COVID-19 virus which has quickly affected
global recovery from the pandemic. This
statistical data showcases that the recovery
from the variant of COVID-19 pandemic is
still a challenge and return to normalcy will
take time for the travel industry. In particular,
the airline business sector will be most affected
because international travel is restricted
because of rise of Omicron. Emirates Airline
faced significant barriers during holiday season
of December because of rise in COVID-19
cases. This will affect the recovery of the
airline sector in the year 2022.