Survey finds business chiefs are at their most pessimistic for three years

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1st February 2016 11:01 - Business Support

A recent survey has found that world business leaders are at their highest level of pessimism about the global economy’s future for the first time since 2013.

With the worry of the rise of the Islamic State group to the slowing of China’s economy, Chief executives are anxious about the effect these issues may have on the global economy, potentially affecting the growth of their companies and any future investments ideas.

The study, carried out by accountants PwC, was conducted in the last quarter of 2015 and certainly raised concerns over the forthcoming business year.

Dennis Nally, PwC chairman said:

"When you put it all together, the outlook for 2016 is not as encouraging as many of us would have hoped for. I have to imagine that if we had done the survey in the first two weeks of January the results would have been even more gloomy. It’s not a great picture; it's not a great outlook."

PwC’s findings showed that just 27% of chief executives had confidence that in the next year global growth will improve; this is a decline of 10% from recent years dropping to its lowest since 2013. Figures also revealed that 66% of top executives believe that there has been an increase in the risks to their businesses in the last few years – a rise of 7%.

The report was published not long after Mark Carney, the Bank of England governor, stated that due to the unpredictability of China’s economy and the depleting price of oil it meant that now was not the time to increase the UK’s rate of interest from its all-time low of 0.5%.

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