Business leaders are growing gloomier about the global economy. A quarterly survey by consulting giant McKinsey & Company finds that just 10 percent of executives say economic conditions now are better than they were six months ago, and only 20 percent expect things to be better by the end of the year.
The pessimism varies by region, with about a quarter of North American executives saying things are worse now than they were six months ago, compared with 81 percent in India and 52 percent in the Eurozone.
At the same time, the executives still expressed optimism about their own businesses, with more than 50 percent expecting profits to increase over the coming six months, and just 15 percent saying demand for their goods or services will decrease.
The online survey of 1,349 executives was conducted from June 11 to 15 – just before the Greek elections and just after Spain agreed to a $125 billion bailout of its banks.