Third of Global CEOs Expect Growth Within 3 Years

“When crisis comes, I’m reluctant to hire new workers but I’m keenly aware of the importance of talent.” (Co-CEO Leo Apotheker of the German software company SAP AG)

“If I can get three good nights of sleep over the next 12 months, I predict next year to be a success.” (eBay CEO John J. Donahoe)

The world’s most well-known CEOs predict the global economy will not see recovery over the next three years, and also emphasize survival over expansion.

Global consulting company PricewaterhouseCoopers yesterday released the results of its survey on CEOs’ prospects for economic growth in Davos, Switzerland, the venue of the World Economic Forum.

Just 21 percent said they were confident of revenue growth over the next 12 months, down from 50 percent last year. In addition, 34 percent said they are confident of recovery within three years.

The survey polled by phone 1,124 CEOs from 50 nations including Duke Energy Corp. CEO James Rogers, InterContinental Hotels Group CEO Andrew Cosslett, and Tsingtao Brewery President Sun Mingbo between October to December last year.

The consulting company said the results were the worst since it began collecting opinions from CEOs in 2003.

By region, CEOs from developed nations were more concerned with economic recovery than those in developing nations. Only 13 percent of CEOs in the United States and 15 percent in Western Europe said they expect their revenue to grow over the next 12 months.

In India, however, 70 percent of CEOs expressed confidence over growth prospects, far higher than those in China (29 percent) and Russia (30 percent).

raphy@donga.com