The five things CEOs fear the most
A macroeconomic downturn has grown as a major risk factor for executives. Until this quarter, an economic downturn had not been listed as a top risk factor but is now among the top five according to senior executives, a new survey shows.
The five top risk factors:
- New Ransomware Models
- Post-Pandemic Talent i.e. difficult to find and keep qualified staff
- Supply Chain Disruptions
- Inflationary pressure
- Macroeconomic downturn
Marketing and research firm Gartner surveyed 330 senior executives in the first quarter of 2022.
“The macroeconomic environment was already challenging before Russia’s invasion of Ukraine, marked by persistent inflation and supply chain bottlenecks, which remain largely unresolved,” says Matt Shinkman, vice president with the Gartner Legal, Risk & Compliance practice.
“Executives now face a spread of risks that are difficult to plan against, including contagion effects from war in Europe, aggressive Central Bank tightening, and continued COVID-19 pressure on growth in major global markets.”
Gartner says New Ransomware Models is given increased urgency due to Russia’s invasion of Ukraine.
Post-Pandemic Talent remained as a top overall emerging risks, in line from findings with the previous two quarters.
”The risk of a macroeconomic downturn has three key root causes that have driven it towards the forefront of executives’ minds at the start of 2022”, Gartner says:
- Central Bank rate hikes– The US Federal Reserve and other major central banks have taken a hawkish stance that has driven concerns about a market correction and lower overall liquidity in global markets.
- Russia’s invasion of Ukraine – Fears of contagion effects have grown as the war continues and has driven higher-level concerns about a global economic reset and the unpredictable effects of deglobalization.
- COVID-19 variants – The persistent presence of COVID-19 and potential for new variants continues to limit global market access and restrict economic growth.
”Concerns about an economic downturn were felt most acutely in some of the most economically sensitive sectors, including consumer discretionary, basic materials and financial services, where 75% or more of industry respondents indicated it as a top risk. The economic downturn risk was ranked highest regionally in the Asia Pacific region.”
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