Only 42 per cent of CEOs said that they were confident about their own company’s growth prospects over the next 12 months, down from a level of 56 per cent recorded a year earlier, according to the PwC Global CEO Survey. The 26 per cent slump in this measure was the biggest since the 2008-2009 financial crisis, when a 58 per cent decline was recorded.
“A volatile economy, decades-high inflation, and geopolitical conflict have contributed to a level of CEO pessimism not seen in over a decade,” said Bob Moritz, global chairman of PwC. “The world continues to change at a relentless pace, and the risks facing organisations, people – and the planet – will only continue to rise.”
“With two-thirds of chief economists expecting a worldwide recession in 2023, the global economy is in a precarious position. The current high inflation, low growth, high debt and high fragmentation environment reduces incentives for the investments needed to get back to growth and raise living standards for the world’s most vulnerable,” said Saadia Zahidi, managing director at the WEF.