CEO Confidence™ conducted a survey for members and corporate leaders of the European Roundtable on Industry (ERT) – CEOs and chairmen of some of the most prominent European industrial and technology companies operating around the world.
The latest survey, which ran throughout October, explored and assessed issues related to the economy, investment, energy and climate change, as well as the business and geopolitical implications of the war in Ukraine.
“I am not surprised by the results of the latest poll. I myself observe the impact of the energy crisis on energy-intensive industries in Europe and this effect is observed in the cost,” comments German businessman Martin Brudermüller.
Business confidence has been undermined by record high energy costs. Most entrepreneurs are rather pessimistic about energy prospects. 87% of respondents believe that the deterioration of the situation will be seen in the next six months.
A lot of chairmen and CEOs (22%) expect energy prices to return to 2019 levels in 2024, while another 22% of entrepreneurs say it won’t happen until 2025 at the earliest. The majority of business leaders surveyed (38%) estimate that energy prices will never return to 2019 levels.
Accordingly, 32% of business leaders in Europe are terminating or reducing their activities in Europe, and 15% intend to do so permanently.
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