CEOs regain some confidence—but still keep a cautious hand on the wheel amid tariffs

Six months ago, CEOs of the world’s largest companies were preparing for turbulence. In an April survey by Fortune and Deloitte, 58% of global chief executives described their 12‑month economic outlook as pessimistic —half were simply cautious, while 8% were very pessimistic. Their gloom stemmed from fears over sweeping tariffs and tightening global financial conditions. Today, however, that sentiment has shifted dramatically.

In the latest October survey, only 32% of CEOs now describe themselves as pessimistic about the global economy over the next year. Most say their concerns have eased, noting that tariffs have not disrupted global trade as feared.

While few CEOs are celebrating just yet, the overall mood has improved. Their focus has shifted to managing a still-volatile but incr