S&P Global chief executive officer Doug Peterson gave his assessment that global companies will continue to slow down their investment efforts as they remain cautious amid global economic issues such as inflation and the prospect of an impending recession.
“A lot of companies that I’ve been meeting with are slowing down their investments,” Peterson explained. “We do see a slowdown in the E.U., U.K. and U.S. — could be into a mild recession, [with a] recovery later this year. We don’t quite know the timing.” The S&P executive voiced his sentiment at the World Economic Forum in Davos, Switzerland.
Peterson went on to explain that, as a result of market uncertainty, companies are looking to cut spending and investment with strategies such as lowering their cost base and cutting jobs.
Following the rise of layouts across the tech industry, cloud software giant ServiceNow’s chief financial officer Gina Mastantuono explained that it has become easier to find talent to fill job roles today than it was previously. She went on to explain that her company is looking to take advantage of this opportunity.