Business leaders are contending with a baffling world that most do not have the experience to analyse.
This month, Suzanne Clark, head of America’s mighty Chamber of Commerce, has been grilling her members about what they anticipate when contemplating the outlook for 2023.
A cynic might say this is because CEOs have to be optimistic in the face of investors. However, Clark believes the scale of the dichotomy, also reflected in the chamber’s own data, is unusual. “Right now, many of our members tell us that while the state of their business is strong, the state of our economy is fragile,” she says. Clark dubs this a problem of “second-hand pessimism” – or the place where corporate reality and public rhetoric diverge.
This might be misguided; debt, for example, could still be a serious problem in 2023. But wrong or not, the key point is that “few of this generation’s business leaders and public policymakers have experienced” these big risks, as the WEF makes clear. No wonder that only 8 per cent of respondents in the JPMorgan survey feel cheerful about the global economy.
For politicians, a “hiss” undoubtedly looks preferable to a “pop”. But the problem is that a world of deferred losses and rising rates is also one of gnawing executive anxiety.
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