More than 60 percent of CEOs globally said that they expect a recession before the end of 2023 or earlier, according to a new survey.
The C-Suite Outlook midyear survey published Friday found that 15 percent of CEOs already believe there is a recession, with another 43 percent saying there will be a recession by the end of 2022.
The individuals surveyed cited "historically high energy prices, continuing supply chain disruptions, heightened geopolitical risks, and eroding consumer confidence" - in addition to lockdowns in China and the knock-on effect from the Ukraine war - which they say is putting downward pressure on growth.
This is also leading to a significant drop in CEO confidence across the globe, the survey found.
According to the survey, the war in Ukraine has resulted in a new "inflection point in geopolitics" and the political economy.
It found that the war and its impacts on inflation, economic growth, and a potential reshuffling of global alliances will demand innovative solutions in the long term.
The CEOs and other C-suite executives also cited three reasons for further inflation: energy price volatility, higher costs for scarce inputs and the ripple effect on global supply chains.
However, more than half of responding CEOs said they favored passing higher input costs onto consumers while looking to diminish the impact of inflation. About 47 percent said they would cut costs to mitigate the impact of inflation.
The survey comes as the Federal Reserve on Wednesday saw its interest rates rise by 0.75 percent, the largest increase in nearly 30 years.
The survey also found that C-suite executives and CEOs are growing increasingly more concerned about cyberattacks.
About 43 percent of CEOs and 42 percent of other C-suite executives say they are highly concerned about potential Russian retaliation through cyberattacks.
Close to 50 percent of CEOs globally said that cybersecurity concerns stemming from the war in Ukraine will have a major impact on their business operations in the coming year as well.
"This means board members and senior management must recognize the present danger and ensure their organizations adopt a heightened security posture," the report added.
The survey polled more than 750 CEOs and other C-suite executives and was conducted from May 10 to May 24.
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