Earlier this year, a survey of CEOs of Fortune 500 companies conducted by Fortune and Deloitte found CEOs increasingly pessimistic about the global economy amid new tariffs and tightening financial conditions.
The survey, conducted in April after President Donald Trump announced new tariffs, canvassed 111 chief executives from Fortune 500 and Global 500 companies, as well as those attending Fortune conferences.
Survey respondents represented 21 industries, with 80% of respondents based in the U.S.
More than half of respondents, 58%, reported a “pessimistic” or “very pessimistic” outlook for the global economy over the next 12 months, according to Fortune.
In the latest October survey of 69 chief executives, 32% of respondents reported a “pessimistic” (30%) or “very pessimistic” (2%) outlook for the global economy over the next 12 months, according to the magazine. While this is a notable drop from April, it is still 14 percentage points higher than November 2024.
The survey also showed 80% of respondents said they are “likely” or “very likely” to implement cost-cutting measures over the next year to offset rising trade and policy-related costs.
“The shift suggests that while global growth remains uneven and risks persist, executives are adapting to the policy landscape and see less chance of a near-term downturn,” wrote Lance Lambert, a former Fortune editor who contributes to the Fortune Analytics newsletter.
Still, Mr. Lambert pointed out that “optimism is far from universal. Several respondents said ongoing geopolitical tensions, supply chain realignments and policy uncertainty continue to cloud their long-term planning. In short, the panic of spring has given way to a more measured realism — CEOs aren’t panicked or exuberant, but they remain a bit cautious.”
Read more about the survey here.
