CEOs around the world have a bleak outlook on the economy for the first half of 2023, with 73% anticipating worsening conditions, according to global CEO advisory firm Teneo’s “Vision 2023 CEO and Investor Outlook Survey.” On the other hand, investors are generally upbeat, with 76% anticipating better times ahead. 

“The level of complexity and uncertainty facing CEOs around the world is at unprecedented levels,” Teneo CEO Paul Keary said. “The sheer magnitude of macro issues places a premium on companies taking steps to control their fate amid an increasingly deglobalized world. These dynamics will create opportunities for companies who are nimble and decisive.”

The survey also found CEOs from the Americas are less pessimistic about the economic outlook than their counterparts in the rest of the world.

Only 3% of CEOs in the Americas expect the macroeconomic outlook to “worsen a lot” compared to 17% in Europe and 11% in Asia, Middle East and North Africa.

In addition, 77% of Americas CEOs expect conditions to improve over the next six months compared to 16% in Asia MENA and 11% in Europe.

The survey also found that only 28% of CEOs believe their current executive teams represent the perspectives of future generations, and nearly one-in-five large-company CEOs believes they are not well prepared to respond to the next controversial social issue that emerges.

Another finding: 86% of CEOs and investors believe that deglobalization is a reality for the global economy.

The survey was conducted between Nov. 9 and Dec. 6 by Teneo’s in-house data, insights and analytics team. The global survey includes responses from more than 300 public company CEOs and institutional investors.