Respondents in North America, on the other hand, were less negative about their countries’ current economies than in the previous survey. Regional divergence in outlooks has emerged, as respondents in Europe express deeper concerns over energy price volatility and more somber views about their domestic economies. Responses assessing the global economy are primarily downbeat, as they were in the last survey. Geopolitical instability and conflicts remain a top concern as well, most often cited as the greatest risk to global growth over the next 12 months. To adjust for differences in response rates, the data are weighted by the contribution of each respondent’s nation to global GDP.
#INTERNET SKYROCKET GLOBAL POLITICAL UNREST FULL#
3 The online survey was in the field from August 29 to September 2, 2022, and garnered responses from 1,247 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. In September, respondents in most regions cite inflation as the main risk to growth in their home economies for the second quarter, according to the latest McKinsey Global Survey on economic conditions. While geopolitical conflicts and inflation remain top of mind, concerns about energy volatility predominate in Europe. In stormy weather, survey respondents maintain realism about the global economy. Respondents in Greater China and in other countries in Asia–Pacific are more likely than others to say their organizations are taking significant steps to prepare for financial changes as a result of debt, currency fluctuation, and new growth. Respondents in Greater China, for example, are much more likely than others to say their organizations are taking significant steps to prepare for changes in the world order, such as multipolarity or regionalization, as well as energy and natural resource considerations such as net-zero initiatives. The survey also shows some regional differences in organizations’ preparations. When thinking about the externalities that might have the greatest effects on organizations over the next 20 years, respondents most often point to technical innovation, followed by energy and natural resource considerations-and, of the potential forces that could affect organizations, those are the two that respondents most often say their organizations are taking significant steps to prepare for (Exhibit 5). Preparations to tackle global forces in the coming decades They are much more likely now than in June to report improvement or stable conditions and to expect conditions to improve or stay the same over the next six months (Exhibit 1), though they remain more likely to expect declining than improving conditions. Since June, respondents have become less negative about the global economy. Views became more somber in the June survey. Pessimism over global conditions lessens, but concerns lingerĪt the outset of 2022, executives were more likely to be positive than negative about current conditions and prospects for the global economy and their countries’ economies. Respondents say technical innovation and energy and natural resource considerations are the two most likely to affect their organizations, and most say their organizations are taking steps to prepare for each of those factors. In the latest survey, we also asked about much longer-term risks: potential global forces that might affect organizations over the next 20 years. They continue to point to geopolitical conflicts and inflation as the most pressing economic risks over the next year, while concerns about rising interest rates grow domestically. However, respondents are less likely now than in the previous two surveys to report worsening global conditions-or to expect them in the months ahead. 1 The online survey was in the field from November 28 to December 2, 2022, and garnered responses from 1,192 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures.
For the third consecutive quarter, executives responding to the latest McKinsey Global Survey on economic conditions remain more wary about the future of the global economy and their countries’ economies than they were at the start of 2022.
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