Recession Worries Ranks First in Latest Conference Board CEO Survey
CEOs across the world say an economic downturn or a recession are their top external concerns of 2023, compared with 2022 when most CEOs listed it as sixth, according to the Conference Board Survey of nearly 700 CEOs and more than 450 other C-suite executives.
Most CEOs do not believe economic growth will be on the upswing soon, with 51% of global CEOs, and 60% of US CEOs, expecting a “tepid” year ahead, according to the survey; however, executives are more optimistic about the global economy for late 2023 or the middle of 2024.
Inflation and interest rates are also a top external worry for CEOs for 2023, ranking second and fourth, respectively, compared with 22nd and 25th in 2022.
The economic concerns of the pandemic are not top worries for most CEOs. US CEOs ranked COVD-19 as 18th, compared with their fourth worry last year. CEOs in China and Japan, however, still believe it is a top concern, listing it as their first and second concerns, respectively.
The war in Ukraine is expected to negatively impact economic growth, with CEOs in Europe and China listing it as their fourth and eighth top external concern. In comparison, US CEOs ranked it 18th for 2023.
Meanwhile, recruiting and retaining talent tops the list of CEOs’ internal concerns. Globally, CEOs rank it first, while US CEOs say it is their second top focus for 2023.