ECONOMY

Recession likely in 2023, opine 66% of Indian CEOs, 82% feel economy resilient

Around 66 per cent of CEOs in India anticipate a recession in the next 12 months compared to 86 per cent CEOs globally, a private survey shows. Around 58 per cent of CEOs in India and globally feel that the recession, which the global economy will see over the next 12 months, will be mild and short with 55 per cent of CEOs in India having plans in place to deal with it, according to KPMG 2022 India CEO Outlook.

KPMG surveyed CEOs globally as well as in India on their three-year outlook on business and economic landscapes. The confidence of CEOs in India and the global economy has increased to 57 per cent in August from 52 per cent in February 2022 despite geopolitical and economic challenges.

About 82 per cent of CEOs in India are confident in the resilience of the global economy in the short term, while the long-term growth outlook is yet to bounce back. Even though CEOs in India see a decline in growth prospects when it comes to company and country, they seem resilient enough to bounce back in the short term, the survey shows.

The survey also suggests that CEOs in India are comparatively less worried when it comes to concerns around recession and its various aspects that could impact their business.

Going forward, CEOs in India feel that fatigue from the COVID-19 pandemic, economic factors, including the threat of rising interest rates, inflation and anticipated recession and reputational risk, are among the most pressing concerns.


Report By