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Global survey: 73 percent global economic growth decline over the next 12 months

In the most pessimistic outlook in more than a decade, a global survey of CEOs showed on Monday that 73 percent of them expect global economic growth to decline over the next 12 months.

Releasing the annual survey on the first day of the World Economic Forum’s annual meeting here, PwC said it was a significant departure from an upbeat outlook for 2021 and 2022, when more than two-thirds think economic growth will improve. It’s the most pessimistic CEOs feel about global economic growth since PwC began asking the question 12 years ago.

The survey also found that nearly 40 percent of CEOs do not believe their organizations will be economically viable in 10 years if they do not transform. Inflation, macroeconomic volatility and geopolitical conflicts were ranked among the top global threats, while cyber and health risks fell compared to the previous year.

The survey also showed that companies are cutting costs but not yet planning to cut staff or pay in the fight to retain talent after the “great resignation”. Leaders in France, Germany and the UK were found to be less optimistic about domestic growth than global growth compared to those in the US, Brazil, India and China. The 26th annual survey was conducted among 4,410 CEOs from 105 countries and territories, including 68 CEOs from India, between October and November 2022.

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