A WEE DRAM
CHRIS GILMOUR: Global business pessimism could have knock-on effect
The views of SA's CEOs are even more acute than those of their global counterparts, with 35% (7% in 2017) believing global economic growth will decline over the next 12 months
Global CEOs have curbed their confidence on economic prospects, and the message in the latest annual PwC Global CEO Survey is one of caution. In 2018, when the most overused expression among economists was “synchronised global growth”, the PwC CEO Survey recorded optimism. The latest report, by contrast, shows a record jump in pessimism, with 29% of CEOs believing that global economic growth will decline in the next 12 months; this is almost six times the level of 5% in 2018. The reasons aren’t difficult to discern — ongoing trade tension between the US and China; the slowdown in Chinese economic growth; President Donald Trump’s recent tax cuts not being used for productive purposes; and the trend of rising interest rates. The views of SA's CEOs are even more acute than those of their global counterparts, with 35% (7% in 2017) believing global economic growth will decline over the next 12 months. Only 30% of CEOs in SA (global 42%) believe that global economic growth will improve mo...
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