Some of Europe’s top CEOs believe that the recovery from the coronavirus recession will be painfully slow, a survey showed Monday.
The European economy is in the throes of the worst and most sudden contraction in modern history with millions of jobs lost and businesses closed.
A poll of 56 of the continent’s most powerful chief executives showed that a majority believed that the recovery would take one to two years to return the economy to pre-lockdown levels, reports AFP.
Another 39 percent said this could take two to three years, according to the survey by the European Round Table of Industrialists.
The business leaders were however divided on where matters stood in the crisis.
“For the next six months, results were divided between those who expect prospects to improve and those who expect them to worsen,” a statement said.
ERT’s members include some of the biggest names in European business, such as the boss of German chemical giant BASF, Martin Bruderm?ller, the CEO of French firm L’Oreal, Jean-Paul Agon or the chairman of Swiss company Nestle, Paul Bulcke.