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Business News/ News / World/  Global CEOs expect recession to be mild, short: KPMG survey
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Global CEOs expect recession to be mild, short: KPMG survey

The report also said that the CEOs anticipated this recession, looming large, to hit over the next year

According to the survey, 53% of North American CEOs reported being ‘very confident’ about their own organisation’s revenue growth in 2018. Photo: iStockphotoPremium
According to the survey, 53% of North American CEOs reported being ‘very confident’ about their own organisation’s revenue growth in 2018. Photo: iStockphoto

 Nearly 58 per cent of about 1,300 global chief executive officers (CEOs) expect the recession to be mild and short, a survey of KPMG revealed. 

The report also said that the CEOs anticipated this recession, looming large, to hit over the next year.

The leaders were asked about their strategies and outlook during the survey.

In the KPMG 2022 CEO Outlook, fourteen per cent of senior executives identify a recession among the most pressing concerns today, which is slightly up from 9 per cent in early 2022. Pandemic fatigue tops the list with 15 per cent.

However, more than 8 out of 10 i.e 86 per cent global CEOs anticipate a recession to hit over the next year, with nearly 71 per cent predicting it will impact company earnings by up to 10 per cent, said the survey.

Nearly 73 per cent of senior executives believe that a recession will disrupt anticipated growth. However, 76 per cent have already taken precautionary steps ahead of a looming recession, it added.

It added that despite those concerns, senior executives (73 per cent) also feel markedly more confident about the resilience of the economy over the next six months than they did in February (60 per cent), when KPMG surveyed 500 CEOs for its CEO Outlook Pulse survey.

Further, 71 per cent of leaders are confident about the global economy's growth prospects over the next three years, up from 60 per cent in early 2022 and nearly 9 in 10 (85 per cent) are confident about their organisation's growth over the next three years.

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.

"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.

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Published: 09 Oct 2022, 03:03 PM IST
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