The industry impact

As a strategic partner of the WEF, PwC provides State of the Debate briefing papers on the themes and agenda set by the World Economic Forum for the Annual Meeting at Davos. Offered to participants that include relevant decision-makers from government, business and civil society, these papers are designed to help jumpstart a discussion to address global, regional and industry priorities shared by all stakeholders.

The global financial crisis is the backdrop for what some have described as the most difficult economic conditions in the lifetime of many executives. Business leaders have had to shift gears quickly, from expectations of sharply rising inflation early in 2008 to an economic contraction in major economies with the threat of deflation over the horizon. Global trade is set to decline for the first time since 1982. It's probably safe to say that no sizeable industry, economy or region has gone unaffected.

Ground zero for the crisis has been the financial services industry. Several others that have been called structurally deficient are struggling to find their footing. Will these industries survive?

Related facts from the 12th Annual Global CEO Survey

In September, CEOs were more concerned about the availability of key skills than the disruption of the capital markets or a downturn in the world's major economies. In late November, by contrast, the state of the global economy dominated the corporate agenda.

Falling confidence has had a very real effect on CEOs' business plans. As the gravity of the situation became increasingly apparent, more and more CEOs also told us that they might have to reduce staffing levels.

Contacts

Sophie Lambin
PricewaterhouseCoopers
Director, Global thought leadership

Mike Davies
PricewaterhouseCoopers
Director, Global communications

The industry impact

The global financial crisis is the backdrop for what some have described as the most difficult economic conditions in the lifetime of many executives. Business leaders have had to shift gears quickly, from expectations of sharply rising inflation early in 2008 to an economic contraction in major economies with the threat of deflation over the horizon. Global trade is set to decline for the first time since 1982. It's probably safe to say that no sizeable industry, economy or region has gone unaffected.

Ground zero for the crisis has been the financial services industry. Several others that have been called structurally deficient are struggling to find their footing. Will these industries survive?

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