Survey Projects Weak Economic Outlook

A survey of chief executives by the Business Roundtable showed that most of America's business leaders believe that economic conditions over the next six months will be weak.

"This survey reflects that CEOs are more concerned about the weakness in the economy than they were six months ago," said John T. Dillon, chairman of the Business Roundtable and chairman and chief executive officer of International Paper.

In the group’s last survey in November 2002, CEOs were more optimistic, according to the Business Roundtable.

Dillon pointed to weakening employment expectations, spending projections and consumer uneasiness about the war in Iraq and terrorism as the main areas of CEO disappointment going forward.

On average, the CEOs surveyed expect gross domestic product growth to be about 2.2%, which is lower than last year’s disappointing 2.4% rate of growth.

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