Just 21 per cent of chief executives said they were very confident of revenue growth in the next 12 months, down from 50 per cent in last year, according to a new survey.
The recession is not the only worry keeping company heads awake at night - global warming and a lack of talented employees are also causes for concern, a global poll conducted by accountants PricewaterhouseCoopers (PwC) found.
More than a quarter of chief executives said they are pessimistic about prospects for the coming year.
"The speed and intensity of the recession has rocked the psyches of CEOs and created a global crisis of confidence," said PwC's chief executive Samuel DiPiazza Jr.
The survey of business leaders from around the world was released today at the annual Davos meeting in Switzerland – itself likely to be a more sober affair than usual, as firms across all sectors face up to a recession.
Although a slowdown in demand and restricted access to finance were high on the list of concerns, chief executives are also concerned about losing top talent.
A shortage of candidates with essential skills was cited as a key challenge by nearly 70 per cent of respondents, with nearly half of respondents blamed their governments for not doing enough to create a skilled workforce.
In addition, 72 per cent of bosses predicted pressure on natural resources will worsen in the future, while 56 per cent of executives fear climate change will have an impact on long-term success.
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