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Davos: World bosses gloomy about year ahead

Business leaders are gloomy about prospects for the world economy, according to a major survey of international chief executives released on the eve of the Davos forum.

A survey of 1,258 bosses by accountancy firm PricewaterhouseCoopers, timed to coincide with the World Economic Forum of the global business elite, found 48 percent expect economic decline and only 15 percent growth.

European business leaders were the most pessimistic, amid fears governments are not up to the task of resolving their debt crises and concerns about the stability of capital markets, the firm said at the ski-resort summit.

"CEO confidence is decidedly down as they deal with the aftershocks to the recession," said Dennis Nally, chairman of PwC International.

"CEOs are disappointed with the course of the global economy and the pace of recovery. The optimism that had been building cautiously since 2008 has begun to recede." 

2 Comments in Response to

Comment by Chris Mahon
Entered on:

Yes, it should be interesting what is produced out of this year's meetings which have indirect affects on IMF, BASIL and central banking policies in different countries like the Federal Reserve around the world. In an article written for  The Economist in November 2010, Nassim Taleb lays out his theory on world banking and governments unwinding from centralization. If you remember Taleb wrote the best seller `The Black Swan' before the 2008 financial crisis which is critical of centralized banking and government structures that become fragile and monolithic and lack information timing and competition.

Comment by Ed Price
Entered on:

If I were a European big business leader, I would be a bit pessimistic, as well. Why? Because the United States has positioned itself around the world, militarily, thereby causing European business to run in second place behind U.S. business. See the article at ...

... as well as the third comment from the bottom in that article. Put on your thinking cap, and you will see what I mean about pessimism among big European business.

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