According to an April 15-19 poll of 3,534 chief executives from 109 countries conducted by YPO, a business leadership network, global leaders are bracing for a U-shaped recession, in the face of the coronavirus pandemic-led economic fallout.
“Around 60% of chief executives are preparing for a U-shaped recovery – a long period between recession and an upturn – compared with 22% who predict a double-dip recession.
The survey found that 11% of chief executives see coronavirus as a risk to the survival of their firm, while a further 40% say the pandemic poses a severe threat.
Business leaders in the hospitality and restaurant sectors were the most vulnerable with 41% of executives saying their firms were at risk of not surviving, while 30% in aviation and 19% in wholesale and retail sales feared they may go under.
Almost two-thirds of business leaders forecast a negative impact on earnings to continue for more than a year, while a quarter expect their workforce to be down by more than 20% a year from now.”