Recovery will be slow, say CEOs
Article Date: Jan 29 2009
The path to recovery is a long one
CEOs across the world expect economic recovery to be slow and gradual, according to a survey conducted by advisory firm PricewaterhouseCoopers (PwC).
One in five of the 1,100 CEOs surveyed in the final quarter of 2008 say they are very confident of growth over the next 12 months, while one in three firmly expect their companies to expand over the next three years.
That response shows a sharp decline in confidence compared to last year’s survey, when half the CEOs canvassed were very confident of growth over 12 months.
Pessimism prevails across all regions and sectors, with only 15 per cent of CEOs in North America expressing confidence about growth prospects for the next 12 months, compared with 15 per cent in Western Europe, 21 per cent in the rest of Europe, 31 per cent in the Asia Pacific and 21 per cent in Latin America.
Samuel DiPiazza, the global CEO of PwC, comments that the recession has ‘rocked the psyches of CEOs and created a global crisis of confidence’.
