World’s bosses’ woe

Confidence among business leaders at companies attending the World Economic Forum at Davos in Switzerland, starting today, has dived to fresh lows.

A poll of more than 1100 chief executives from companies around the world found just 21% said they were "very confident" of growing profits in the next 12 months, down from 50% a year earlier.

At Davos, Stephen Roach, Morgan Stanley's chairman in Asia, spoke for many. "We have to face up to the fact that the recovery, when it comes later this year or early next year, is going to be anaemic," he said. "The concept of a vigorous V-shaped recovery is for business cycles of the past but not for this post-bubble, post-crisis business cycle."