Confidence among companies in their growth prospects has dropped the most since the 2007-08 global financial crisis due to rising inflation, macroeconomic volatility and geopolitical conflicts, a survey by PricewaterhouseCoopers showed.
With 73% of chief executives around the world expecting global economic growth to decline over the next 12 months, this gloomy view is the most pessimistic CEOs have been since PwC began the survey more than a decade ago, it said on Monday.
The companies that did well in 2022 are likely to see a more challenging year ahead, PwC Global Chairman Bob Moritz told the Reuters Global Markets Forum on the sidelines of the World Economic Forum's annual meeting in Davos. The survey also found that companies are cutting costs, even as many do not plan to reduce headcount or compensation in the fight to retain talent.
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