August 19, 2022

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The CEO's economic outlook on Ukraine war and inflation dwindles

The CEO’s economic outlook on Ukraine war and inflation dwindles

Monday’s Business Roundtable said that CEO Economic Outlook Survey It fell to a reading of 115 during the first quarter. CEOs also cited lower hiring and investment plans and lower sales expectations.

The group, whose members include CEOs of major US companies, emphasized that despite the decline, the survey still reflects historically strong hiring plans and growth expectations. But it’s important to note that the timing of the poll, which was conducted between February 22 and March 11, means that some business leaders shared their sentiments before the full scope of Russia’s invasion of Ukraine was known.

Since the outbreak of the war on February 24, the economic effects have been extensive. Among other factors, the West imposed severe sanctions on Russia, threatening to disrupt the supply of energy, food and other key materials.

And it’s not just Ukraine. The Business Roundtable acknowledged the ongoing risk from Covid-19 and high inflation It also creates a period of uncertainty, especially when CEOs are asked to look into the second half of this year.

The release of the poll comes ahead of a meeting scheduled Monday evening between President Joe Biden and members of the Business Roundtable at the group’s Washington office.

In a statement, Business Roundtable CEO Josh Bolten called on US officials to strengthen the economy during “this period of uncertainty” by maintaining a competitive tax and regulatory environment. He urged policy makers to tackle inflation by cutting tariffs and boosting trade, encouraging domestic energy production and working with business and employment leaders to address supply chain pressures.

GM (GM) CEO Mary Barra, Chairman of the Business Roundtable, urged Congress to pass a bipartisan bill CHIPS Act FundsWhich aims to address the shortage of computer chips with it Promote local manufacturing of chips.