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Nine out of ten CEOs feel US economy in 'poor' state

Amidst rising hopes of an early recovery, nine out of ten corporate chiefs say the American economy is in a poor state and many of them are looking at emerging markets including India for growth opportunities.

business Updated: Sep 06, 2009 15:19 IST

Amidst rising hopes of an early recovery, nine out of ten corporate chiefs say the American economy is in a poor state and many of them are looking at emerging markets including India for growth opportunities.

Interestingly, in 2007, just one per cent of the CEOs felt that the economy is in a poor condition, while the same rose to 29 per cent last year, according to a survey conducted by international bourse NYSE Euronext.

"When given a choice of describing the US economy as excellent, good, fair or poor, only one percent of the US CEOs surveyed in 2007 chose poor.

"Last year it was 29 per cent. Today, a solid 90 per cent of the US business leaders would use that four-letter word to describe the American economy," the report said.

Nearly half of the respondents expressed hope that the US would fully recover by the second half of 2010. They also feel that both the American and global economies are not "out of the woods" yet.

According to the NYSE Euronext, this year, 284 corporate leaders were surveyed and together represent 23 industries, 24 countries and a combined market cap of $ 1.5 trillion.

Out of the total, 91 per cent of non-US CEOs and 90 per cent of American corporate bosses felt that the US economy is in a poor shape.

Meanwhile, majority of the CEOs are eyeing emerging markets for growth avenues. Nearly 40 per cent of the corporate leaders said, "India is strategically important" for their businesses.