According to a poll by the non-profit The Conference Board, the global recession is the top issue for CEOs.
That agrees with the comments made by management on Friday’s conference calls for the fourth quarter. The main scenario that JPMorgan Chase (JPM) is banking on is a moderate recession. As a result of inflation, increased interest rates, and geopolitical developments, the World Bank has reduced its prediction for global growth.
Among the external factors that executives are most concerned about in 2023, the possibility of a global recession or economic slump rated highest, according to a study conducted by the Conference Board and attended by 700 CEOs and more than 450 other C-suite executives.
From its position as the sixth external issue in last year’s survey, recession anxiety has risen to the top this year. CEOs worldwide were also concerned about inflation and rising interest rates in 2023.
According to the think tank’s survey of CEOs, growth in the economy would be slow or nonexistent for much of 2023. Sixty percent of U.S. CEOs and 51 percent of CEOs worldwide anticipate growth to return in their area by late 2023 or mid-2024, respectively.
In light of the current labor scarcity, attracting and keeping top personnel has been at the top of CEOs’ lists of internal issues for the year.
It’s good news for workers that “although CEOs internationally are attempting to limit costs, few executives are resorting to layoffs,” as Dana Peterson, chief economist of The Conference Board, put it. They want to lessen the impact of uncertainty by speeding up their digital transformation, expanding into new, faster-growing areas, and adapting their business strategies.
Most CEOs, except their Asian counterparts, no longer prioritize COVID-19 concerns. For the second year straight, it has been cited as Chinese CEOs’ primary overseas worry.
According to a study by JPMorgan Chase, most owners of small and medium-sized U.S. businesses anticipate a recession this year. But they see more potential in their own companies than in the economy.
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