The Conference Board has released a new survey showing that most CEOs around the world expect a recession. According to business leaders, the economic outlook is rather sluggish, while inflation continues to rise.
The survey results show that more than 60% of CEOs expect an economic recession in the next 12-18 months. This is a huge increase from the end of 2021 when only 22% of CEOs expected a recession.
About 15% of CEOs believe their region’s economy has entered a recession.
CEOs and other senior executives believe the Russia-Ukraine war is causing inflation due to volatility in energy prices and the rising cost of scarce inputs. This raises concerns about falling corporate profits, according to the survey.
Fox Business.com reports that the survey was conducted in May, ahead of the Federal Reserve’s vote Wednesday (June 15) to raise interest rates by 0.75%.