Mayor of Kyiv, left, brother Vitali Klitschko, and former professional boxer and businessman of Ukraine, Wladimir Klitschko, during the 53rd annual meeting of the World Economic Forum, WEF, in Davos, Switzerland, Monday, Jan. 16, 2023. The most pessimistic outlook in more than a decade, a global survey of CEOs showed Monday that 73% of them expect global economic growth to decline over the next 12 months. Image for representational purposes only. , Photo Credit: AP
In the most pessimistic outlook in more than a decade, a global survey of CEOs showed on Monday that 73% of them expect global economic growth to decline over the next 12 months.
Issuing annual survey This is a significant departure from the optimistic outlook for 2021 and 2022 when more than two-thirds thought economic growth would improve, PwC said on the first day of the World Economic Forum’s annual meeting here.
He has been the most pessimistic CEO on global economic growth since PwC began asking this question 12 years ago.
The survey further showed that nearly 40% of CEOs do not believe that their organizations will be financially viable in 10 years if they do not make changes.
Inflation, macroeconomic instability, and geopolitical conflict ranked as the top global threats, while cyber and health risks fell from a year earlier.
The survey also revealed that companies are cutting costs but have no plans yet to reduce workforce or pay in their fight to retain talent after the ‘great resignations’.
Leaders in France, Germany and the UK were found to be less optimistic about domestic growth compared to global growth than in the US, Brazil, India and China.
The 26th annual survey was conducted between October and November 2022 among 4,410 CEOs from 105 countries and territories, including 68 CEOs from India.