Almost a third of chief executives are less confident in the global economy over the next three years now than they were in January 2020, as the Covid-19 pandemic and its aftermath deal a blow to CEOs around the world.

In a survey of 1,300 CEO’s before the pandemic in January and February, and a follow-up of 315 between July and August, 23% said company earnings would be 0% or negative compared to only 3% giving that answer at the beginning of the year. Thirty-five percent are more optimistic, expecting earnings higher than 2.5%. All respondents have an annual revenue of over $500m and a third of companies more than $10bn.