The World Economic Forum’s annual meeting has begun in Davos, with corporate executives and economists warning a global recession is likely this year.
Of 4,410 business leaders surveyed by PricewaterhouseCoopers in October and November last year, 73% predicted global growth to decline over the coming 12 months. The reading was the worst since the consulting firm began polling in 2011. Two out of five even expressed concern their companies may not last a decade.
A separate survey of chief economists, released by the Forum, found two-thirds expect a worldwide recession in 2023 as businesses cut costs; 18% viewed such a downturn as "extremely likely.”