ID :
43012
Thu, 01/29/2009 - 14:36
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Shortlink :
https://oananews.org//node/43012
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CEO CONFIDENCE PLUNGES TO NEW LOW
KUALA LUMPUR, Jan 28 (Bernama) -- The confidence of chief executive officers (CEOs) over future business prospects has plunged to its lowest level since 2003, battered by recession, says PricewaterhouseCoopers (PwC).
PwC, in its 12th Annual Global CEO Survey found that just 21 percent of CEOs
worldwide were very confident of revenue growth over the next 12 months, down 50
percent from last year's findings.
Also, more than a quarter of the CEOs were pessimistic about propects for
the coming year, it said.
CEOs worldwide were also gloomier about longer term growth as well,
predicting a slow recovery.
It said only 34 percent were very confident of growth over the next three
years, down from 42 percent last year, when CEOs were just beginning to
recognise the full impact of the credit crisis on the global economy.
Pessimism prevailed across all geographic regions, business sectors and
levels of economic development.
PwC's global CEO Samuel A. DiPiazza,Jr said the speed and intensity of the
recession had rocked the psyche of CEOs and created a global crisis of
confidence.
"CEOs are most concerned about the immediate survival of their companies.
Even in once rapidly emerging economies, companies are now coping with issues
like unavailable credit, sluggish capital markets and collapsing demand," said
DiPiazza.
He said the severity and duration of the recession was difficult to predict
and CEOs were balancing the challenge of successully managing through the
downturn while also remaining prepared for a turnaround.
The impact of recession in the world's major economies, cited by 85 percent
of survey respondents worldwide, continued to dominate concerns of CEOs and was
the only risk factor to increase.
Other major risk factors included disruption in the capital markets, cited
by 72 percent, over-regulation 55 percent, energy costs 50 percent and
availability of key talent 46 percent.
-- BERNAMA
Attachments:
PwC, in its 12th Annual Global CEO Survey found that just 21 percent of CEOs
worldwide were very confident of revenue growth over the next 12 months, down 50
percent from last year's findings.
Also, more than a quarter of the CEOs were pessimistic about propects for
the coming year, it said.
CEOs worldwide were also gloomier about longer term growth as well,
predicting a slow recovery.
It said only 34 percent were very confident of growth over the next three
years, down from 42 percent last year, when CEOs were just beginning to
recognise the full impact of the credit crisis on the global economy.
Pessimism prevailed across all geographic regions, business sectors and
levels of economic development.
PwC's global CEO Samuel A. DiPiazza,Jr said the speed and intensity of the
recession had rocked the psyche of CEOs and created a global crisis of
confidence.
"CEOs are most concerned about the immediate survival of their companies.
Even in once rapidly emerging economies, companies are now coping with issues
like unavailable credit, sluggish capital markets and collapsing demand," said
DiPiazza.
He said the severity and duration of the recession was difficult to predict
and CEOs were balancing the challenge of successully managing through the
downturn while also remaining prepared for a turnaround.
The impact of recession in the world's major economies, cited by 85 percent
of survey respondents worldwide, continued to dominate concerns of CEOs and was
the only risk factor to increase.
Other major risk factors included disruption in the capital markets, cited
by 72 percent, over-regulation 55 percent, energy costs 50 percent and
availability of key talent 46 percent.
-- BERNAMA
Attachments:
