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  "documentTitle": "21st CEO Survey",
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      "text": "What emerges as we look more closely at the data is an interesting dichotomy: a resoundingly optimistic global outlook with a more tempered view of their own organisation's performance.",
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      "text": "Interestingly, there was some foreshadowing of the Great Recession in the two preceding years, when 'very confident' levels began their descent. But don't read into this dip as a similar harbinger of doom. It may simply be harder for CEOs to see beyond the near term. So much has happened in political arenas around the world that expert observers could not have predicted. Meanwhile, geopolitical sabre-rattling and terror incidents multiply and intensify, and the impact of technology is becoming increasingly disruptive. Combined, these conspire to cloud any CEO's view of the road ahead. More than half of the CEOs in this year's survey have been in office for less than five years, which means they have never led their current company through a serious downturn. The global economy has been in recovery for eight years since the post-crisis low point of mid-2009. Asset prices today look fully valued and are vulnerable to interest rate hikes. CEOs are prescient enough to consider the possibility that a downturn might be on the longer-term horizon and are placing their bets accordingly.",
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      "text": "Typically, CEOs report more confidence in the longer term than in the immediate future. The last time we saw 'somewhat confident' levels above 'very confident' levels was in 2009, when confidence, in general, took a nosedive in the aftermath of the global financial crisis.",
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      "text": "The question is, what will happen to CEOs' generally positive outlook beyond 2018? When we asked CEOs about their own organisation's growth over the next three years, the bandwagon slows down (see Exhibit 6). While still generally confident, more CEOs say they are 'somewhat confident' rather than 'very confident'. In fact, all regions – North America included – report flat to diminished levels of 'very confident' in their own longer-term prospects. Particularly restrained are CEOs in the Middle East and Central & Eastern Europe, where 'very confident' responses reach near-record lows, down 33% and 26%, respectively, from last year.",
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      "text": "Ironically, it is those CEOs who have been in office longer – 11 to 25 years – who are rosiest in their assessment of the global economy and their own organisation's prospects. They've weathered previous storms and can see the opportunities ahead. What emerges as we look more closely at the data is an interesting dichotomy: a resoundingly optimistic global outlook with a more tempered view of their own organisation's performance.",
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