People and improving business operations to increase resilience to a possible recession are areas that are being focused on. Greek leadersaccording to the latest edition of EY’s CEO Outlook Pulse survey of 30 major companies in Hellas.

The vast majority of respondents expect a recession of any degree, both in the global economy and in the markets in which they operate.

However, most of them differ in their assessments of the duration and severity of the recession, with one in two expecting a moderate but sustained downturn in global markets. In addition, 40% predict a severe but temporary recession, and 87% of respondents are concerned that few of their leaders have experience of doing business in a recession.

Regarding their investment plans due to global events, 53% of respondents report that they are postponing planned investments until the geopolitical climate improves, while almost a third say that they have suspended investment plans (33%), move operating capital (33%) or withdrawn from certain markets.

The development of diplomatic and economic relations with China and restrictive regulatory, trade and investment policies are the most important negative developments worldwide.

Also for 40% of respondents, the biggest risk to business growth is growing cybersecurity threats.

And while all respondents in Greece say they intend to actively close deals over the next 12 months, they appear to be proceeding cautiously, with 57% of CEOs saying they would form joint ventures or strategic alliances with third parties. 40% and 25% of respondents say they will look for mergers-acquisitions or divestments, respectively.

Keeping a cool head and gradually expanding, re-evaluating and evaluating all aspects of running a business, focusing on employees, focusing on the future and adopting a customer-centric strategy are the top five priorities for Greek executives.