86% of global CEOs see recession within 12 months, finds KPMG survey

46% of corporate leaders considering job cuts over the next six months

About 46 per cent of global chief executive officers (CEOs) are considering downsizing their workforce over the next six months while 39 per cent have already implemented a hiring freeze, according to the KPMG 2022 CEO Outlook.

The survey, conducted with 1,325 CEOs between July 12 and August 24, 2022, reveals that 86 per cent of CEOs believe a recession is coming in the next 12 months, which will make post-pandemic recovery harder. About 58 per cent expect the recession to be “mild and short”. A majority of leaders are, however, confident about the global economy's growth prospects over the next three years.

While cybersecurity was listed as the top risk to growth in February 2022, the latest survey shows that CEOs feel emerging and disruptive technology is the greatest threat to growth. 

T V Narendran, CEO & MD of Tata Steel, said in the survey: “Geopolitical issues are the number one risk. I think we all need to build optimised and resilient supply chains.”