According to PricewaterhouseCoopers' (PwC) 12th Annual Global CEO Survey, released at the World Economic Forum annual meeting in Davos, Switzerland, just 21 per cent of CEOs said they were very confident of revenue growth in the next 12 months, down from 50 per cent in last year's survey. Worse still, more than a quarter said they were pessimistic about prospects for the coming year.
CEOs were gloomier about longer term growth as well, predicting a slow recovery over the next three years. Pessimism prevailed across all geographic regions, business sectors and levels of economic development.
"The speed and intensity of the recession has rocked the psyches of CEOs and created a global crisis of confidence," said PwC's global CEO, Samuel DiPiazza. "They are most concerned about the immediate survival of their companies. Even in once rapidly emerging economies, companies are now coping with issues like unavailable credit, sluggish capital markets, and collapsing demand."
- Mark Phillips