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86% of global CEOs anticipate a recession over the next year, claims survey
New Delhi, October 5, 2022 (ANI): A survey of more than 1,300 chief executive officers (CEOs) at the world's largest businesses reveals that over the next year, 86 percent of these global leaders anticipate a recession to hit. However, 58 percent of these leaders expect the recession to be mild and short.
Fourteen percent of senior executives identify a recession among the most pressing concerns today -- up slightly from early 2022 (9 percent), while pandemic fatigue tops the list (15 percent), said the survey -- the KPMG 2022 CEO Outlook.
These leaders were asked about their strategies and outlook during the survey. Over the next year, more than 8 out of 10 (86 percent) global CEOs anticipate a recession to hit, with 71 percent predicting it will impact company earnings by up to 10 percent, said the survey.
A strong majority of senior executives believe that a recession will disrupt anticipated growth (73 percent). However, three-quarters (76 percent) have already taken precautionary steps ahead of a looming recession, it added.
Despite those concerns, senior executives also feel markedly more confident about the resilience of the economy over the next six months (73 percent) than they did in February (60 percent), when KPMG surveyed 500 CEOs for its CEO Outlook Pulse survey.
Further, 71 percent of leaders are confident about the global economy's growth prospects over the next three years (up from 60 percent in early 2022) and nearly 9 in 10 (85 percent) are confident about their organization's growth over the next three years.
"Tested by enormous challenges in quick succession -- a global pandemic, inflationary pressures, and geopolitical tensions -- it's encouraging that CEOs, surveyed in our 2022 CEO Outlook, were confident in their companies' resilience and relatively optimistic in their own growth prospects," said Bill Thomas, global chairman, and CEO, KPMG.
Some of the CEOs involved in the survey are Maria Dolores Dancausa of Bankinter, Nicola Downing of Ricoh Europe, Alexis George of AMP, Takahito Tokita of Fujitsu, and TV Narendran of Tata Steel. (ANI)