Three-quarters of CEOs in a new survey expect economic growth to slow this year as fears of a recession simmer worldwide.
The pessimistic figure, part of a report released Monday from consulting firm PricewaterhouseCoopers, is a bleak change from last year, when 77 percent of CEOs said they anticipated the international economy was headed in a positive direction.
Thirty-nine percent think their respective organizations will no longer be viable a decade from now on their current path.
The CEOs listed inflation, macroeconomic activity and geopolitical conflict as the top three key threats to firms over the next 12 months.
The current economic climate has been significantly harmed by Russia’s invasion of Ukraine, which impacted the costs of energy and essential commodities and spurred on higher labor costs and inflation.
Multiple governments, including the U.S., are taking steps to try and tamp down inflation, but concerns are rising that those efforts could contribute to a recession.
A similar survey released last week by the Conference Board found that 51 percent of global CEOs and 60 percent of U.S.-based ones anticipate a “tepid” year ahead economically and are bracing for a recession, though many also predicted the economy could see an uptick in late 2023 or 2024.
The World Economic Forum’s Chief Economists Outlook, also released Monday, found nearly two-thirds of leading world economists think a recession will hit the global economy this year. Of those who thought a recession possible, 18 percent of experts listed the downturn as “extremely likely,” a figure more than double what the WEF recorded in September.
The PwC Global CEO survey polled 4,410 CEOs from 110 countries and territories.