Majority of CEOs worldwide predict recession before end of 2023: survey
More than 60 percent of chief executive officers (CEOs) globally predict a recession in their primary region of operations in the next 12 to 18 months, according to a survey released Friday.
Half of the CEOs think the region where their company operates has already been in a recession, showed the global survey of 750 CEOs and other C-suite executives by the Conference Board, a non-profit business membership and research group.
In a report also released Friday, the Conference Board said that GDP in the Euro Area so far has kept expanding in 2022, but one question remains: whether it will continue to do so.
The case for a possible recession in Europe relies on two arguments: inflation hitting households' consumption decisions; and a new set of supply bottlenecks resulting from the conflict in Ukraine, the report noted.
Meanwhile, the possibility of a recession in the United States has become higher.
The Federal Reserve's newly released quarterly economic projections showed that Fed officials' median projection of GDP growth from fourth quarter of 2021 to fourth quarter of 2022 is 1.7 percent, much lower than the 2.8 percent projected in March.
The U.S. economy has roughly a 40-percent chance of a recession next year, according to a report released by Bank of America Global Research on Friday.
Nearly 70 percent of leading academic economists believed the U.S. economy will tip into a recession next year, as the Fed ramps up efforts to rein in the highest inflation in four decades, according to a recent poll by the Financial Times.
According to the estimates by Bloomberg Economics released Wednesday, a downturn by the start of 2024, "barely even on the radar just a few months ago, is now close to a three-in-four probability."