With 73% of chief executives around the world expecting global economic growth to decline over the next 12 months, this gloomy view is the most pessimistic CEOs have been since PwC began the survey more than a decade ago, it said on Monday. The survey also found that companies are cutting costs, even as many do not plan to reduce headcount or compensation in the fight to retain talent. Separately, two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023. Other highlights from the PwC survey include:- Half the CEOs reported reducing operating costs, 51% said they were raising prices, and 48% were diversifying product and service offerings. - Climate risk did not feature as prominently as a short-term risk over the next 12 months relative to other global risks.

---