Gas Prices, Supply Chain Risks Sour CEOs on Economy

That’s how many CEOs in an international survey said a recession was no more than 18 months away or already here, a sign that corporate leaders are losing confidence in the global economy.

Business leaders around the globe are worried that persistently high gas and energy prices, supply chain issues, sagging consumer confidence, and political risks from lockdowns in China and the war in Ukraine will upend global economic growth, according to a survey from The Conference Board. Add worries about recent interest rate hikes from central banks, and more than 60% of chief executives said the economy in their region would be in a recession within 18 months, with another 15% saying their region is already in a recession.

And it isn’t just CEOs who are worried about the economy. A survey from The Economist/YouGov taken June 11-14 showed that 56% of Americans think the U.S. is already in a recession. Those concerns were on view this week as investors, spooked by inflation and higher interest rates, fled stocks, sending the benchmark S&P 500 index into a bear market after it fell more than 20% from its all-time high in January.

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