Rumors of the economy’s death aren’t really all that exaggerated, at least according to North America’s top corporate executives.
Deloitte is an organization that gathers key data for those involved in global consulting and risk management. They surveyed top CEOs across the continent, where they predicted that the entire world will have a far less robust economy in a year from now, as Fox Business reports.
Only 34% of those responding said they expect the economy to approve a year from now, while 54% had sunny projections just last quarter. That 20 point drop is significant and suggests an unexpectedly bleak outlook.
81% of CEOs said financial market risks were their greatest concerns, while 57% citied geopolitical risk as their top topic causing stress. That means they’re concerned about the stability of various governments across the world.
Deloitte’s leader of the survey, Steve Galluci, told Fox Bussiness that, “trade conflicts and Russia’s invasion of Ukraine were pervasive concerns for CFOs over the last calendar year, and geopolitical issues are still commonly cited risks. However, banking shocks and the Fed’s prior rate increases may have CFOs more focused on the economy.”
The Ukraine conflict was singled out as a reason that only 33% of respondents said that now is a good time to take risks.
The Biden administration plays a role too as various industries seem to get increasingly regulated by the moment. Think back to Biden’s decree for the majority of cars built in the US to be electric by 2032.
The most common challenge CEO’s envision is navigating the “changing or increasing regulations and working with regulators.”
Translation? That’s gonna be a helluva lot more difficult under Biden’s reign.
Pay close to attention to the next election coming up, your economic future depends on it.