Just 21 per cent of the 1,100 executives interviewed by PwC across 50 countries were very confident that their revenues would increase this year, down from 50 per cent last year to five points below the previous trough in sentiment in 2003. Most now expect a slow, difficult recovery, with only 34 per cent describing themselves as very confident about the outlook for growth in the next three years, down from 42 per cent.

Last year, although 21 per cent of business leaders were already very concerned about a downturn in leading economies, they were equally worried about over-regulation, competition from low-cost rivals and the availability of skilled talent.