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Recession Worries Ranks First in Latest Conference Board CEO Survey

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. 

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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