CEOs' recession concerns

As the World Economic Forum meetings continue, CEOs and economists have made pessimistic predictions for the global economic outlook in 2023. The World Economic Forum began in Davos, Switzerland, under the shadow of recession pessimism. The results of the survey conducted by PWC in October and November, which included 4,410 CEOs, were announced at the forum. Accordingly, 73 percent of CEOs predicted that global economic growth would contract in the next 12 months. This was the most pessimistic result in the survey conducted since 2011. In a separate survey released by the Forum and attended by chief economists, recession expectations also prevailed. Two-thirds of economists stated that they expect a worldwide recession in 2023 as companies reduce their costs. 18 percent of economists think that a contraction in global growth is “very possible.”