Business chiefs in grim mood

A crisis of confidence has struck chief executives round the world, according to a survey presented in Davos that captures the chastened mood and changed priorities of business on the eve of one of the most anticipated gatherings of the World Economic Forum.

Just 21 percent of the 1,100 executives interviewed by PwC across 50 countries were very confident that their revenues would increase this year, down from 50 percent last year to five points below the previous trough in sentiment in 2003. Most expect a slow, difficult recovery, with only 34 percent describing themselves as very confident about the outlook for growth in the next three years, down from 42 percent.

Only 15 percent of business leaders in north America and western Europe expressed confidence about the coming year, but even in emerging economies optimism was weak.