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CEOs growing less confident about future of global economy

All Headlines 15:00 July 10, 2017

SEOUL, July 10 (Yonhap) -- More corporate CEOs are becoming less optimistic about the immediate future of the global economy compared with last year, an international survey said Monday.

The poll carried out by consulting firm KPMG International said that out of 1,261 CEOs from 10 countries who were canvassed between Feb. 21 and April 11 this year, 65 percent were confident about global economic growth for the next three years. Although still a majority, the number lags behind the 80 percent tallied last year. The 2017 Global CEO Outlook was released by the firm's local branch Samjong KPMG. South Korea was not included in the latest poll.

Corporate leaders in the United States were the only ones who were more optimistic than last year. Seventy-four percent of them indicated their confidence last year. This year, the number grew to 82 percent.

Such optimism diminished for the rest of the surveyed countries. In the case of Japan, the level of confidence shrank from 93 percent last year to 21 percent this year.

By sector, 77 percent of the CEOs in banking showed confidence in their industry's growth. Corresponding figures for consumer and retail was 76 percent, 74 percent in energy and 73 percent in technology. The lowest industrial confidence was in telecom with 56 percent.

CEOs in some countries expressed concerns about their ability to keep up with new technologies. For Japan, 79 percent of the surveyed corporate chiefs had such concerns. India came next with 65 percent, followed by China's 58 percent and Australia's 54 percent.
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