A recent survey by PwC reveals that over half of worldwide CEOs anticipate the global economic growth to slowdown in 2020, revealing a high level of pessimism among corporates around the world. Around 53% of global CEOs expect global economic growth to weaken this year, compared with only 29% who felt this way in last year’s survey.

Even though global equities have been rallying over the past few weeks over rising optimism around the US-China phase one trade deal, senior executives still remain concerned about the uncertainties due to trade tensions. The survey, which was conducted in September-October 2019, also lists geopolitical tensions and climate change related uncertainties as factors weighing on global economic growth.

A mere 27% of CEOs surveyed by PwC were “very confident” that their companies would grow over the next year. This is the lowest level seen since 2009, and well below the 35% who felt “very confident” about growth in 2019. PwC estimates the global economy to grow by around 2.4% in 2020.