CEOs See Global Decline

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    Nearly half (48 per cent) of the CEOs polled worldwide believe the global economy will decline even further in the next 12 months, says PwC’s ‘15th Annual Global CEO Survey.’ Just 15 per cent said the global economy will improve during 2012. The outlook was almost identical for the 130 Canadian CEOs who responded to this year’s survey, with 48 per cent seeing a decline over the next year and only 13 per cent believing the market will improve. However, Canadian CEOs believe their organizations have been less affected by global turmoil than leaders in other countries. For instance, while the sovereign debt crisis was cited as the key global issue to affect Canadian businesses, a reduced number of Canadian CEOs (38 per cent) said the crisis had an impact on their operations this year compared to 56 per cent of CEOs globally. Similarly this held true for other significant global events, including the Japan earthquake and nuclear crisis (18 per cent compared to 29 per cent globally) and the political upheaval in Arab economies (14 per cent compared to 21 per cent globally). “In general, CEOs in Canada believe their companies have greater resilience and growth prospects than their global peers,” says Gino Scapillati, national managing partner, markets. “Compared to other leaders, Canadian CEOs found their companies to be less affected financially by major 2011 crises events.”