The United States economy shrank at a 1.5% annualized rate in the first quarter of 2022, with two consecutive quarters of negative growth constituting recession territory. According to CNBC’s most recent CFO Council Survey, executives are generally pessimistic about economic futures.
Most respondents — 68% — believe a recession will occur in the first half of 2023. “No CFO forecast a recession any later than the second half of next year, and no CFO thinks the economy will avoid a recession,” CNBC said of the 22 survey respondents.
More than 40% of CFOs believe inflation — which is currently near four-decade highs of 8.3% — is the main external risk factor for their business. Meanwhile, 23% point to Federal Reserve policy, and 14% point to the war in Ukraine.
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