Sixty percent of chief executive officers expect a recession by the end of 2023 or earlier—up from a mere 21% who saw a recession risk in their region in late 2021.
This is according to a survey of 750 CEOs and other C-suite executives by The Conference Board.
Fifteen percent say their region is already in a recession.
“We appear to be entering a recession after a 10+ year economic boom,” Coinbase CEO Brian Armstrong wrote in a letter to employees. “A recession could lead to another crypto winter, and could last for an extended period.”
JPMorgan Chase CEO Jamie Dimon warned on June 1 of an unprecedented “economic hurricane” barreling towards the U.S.
"It's a hurricane," Dimon told a banking conference. “We just don't know if it's a minor one or Superstorm Sandy."
Sanctions, Economic Blocs
Business leaders are also concerned about the sanctions against Russia in response to its invasion of Ukraine. However, a majority of CEOs generally favor them and are even in favor of secondary sanctions.
Rising U.S.-China tensions—and competing economic blocs that are emerging—are likely to have a major impact on their business, according to the CEOs.
CEOs are also increasingly concerned about cybersecurity and are taking a heightened security posture.
Supply chain resilience is a priority, and renewable energy is a longer-term growth strategy. They support government policies for an effective energy transition plan from carbon to green energy.
The Conference Board conducted its survey between May 10 and 24, ahead of the Federal Reserve’s 75-basis-point fed funds rate increase, its largest such interest rate increase since 1994.
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