Conference Board Survey Says 60% of CEOs Expect Recession by 2023

More than 60% of CEOs globally believe their region will enter a recession by the end of 2023, according to a Conference Board survey released on Friday.

The business research firm found that 60% of CEOs expect the economy to contract in their primary region of operations by the end of 2023. Some 15% of CEOs say they believe their region has already entered recession.

This pessimistic sentiment regarding the economic outlook comes as central banks around the world are raising interest rates to fight an inflation global epidemic.

After the Federal Reserve on Wednesday raised interest rates by 0.75%, its largest increase since 1994, analysts are changing their forecasts on the economic growth.

Overall, energy, inflation, cyber risk, and recession are the immediate CEO concerns.

The Conference Board survey comes days after a number of CEOs have expressed their concerns on the global outlook.

The midyear global survey of CEOs and other C-suite executives found that the impact of the war in Ukraine is helping fuel inflation.

The Conference Board’s reports warned about competing economic blocs, as U.S.-China tensions are likely to have a major impact on business operations in the coming 12 months.