A majority of executives at companies across the world now say a recession is likely or that their area is already in a recession, according to a new survey.
The Conference Board survey released Friday found that 60% of such business leaders said they expect a recession, and a hefty 15% said they are already in a recession. The survey queried 750 CEOs and other top executives.
The Federal Open Market Committee announced Wednesday that it would increase its interest rate target by three-quarters of a percentage point, to a range of 1.5% to 1.75%. That marked the first time that the central bank had taken such aggressive action since 1994. Just 9% of CEOs in the Conference Board’s global survey said the war in Ukraine would not have a material impact on their business operations in the coming year.
Some prominent figures have been warning about the risk of a recession. Last week’s inflation report has increased expectations about the economy stagnating, given the Fed’s new, even more aggressive tightening cycle. “The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” said World Bank President David Malpass.
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