Companies ‘cautiously slowing down’ amid uncertainty

One executive with a pulse on global companies says they’re displaying more cautiousness when it comes to investing.

“A lot of companies that I’ve been meeting with are slowing down their investments,” S&P Global (SPGI) chief executive officer Doug Peterson told Yahoo Finance at the World Economic Forum in Davos, Switzerland, this year.

Companies ‘cautiously slowing down’ amid uncertainty

BRAZIL – 2022/10/03: In this photo illustration, the SP Global Inc. logo is displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

“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,” said the CEO of the ratings, data and market analysis firm.

The uncertainty over how the year will play out is feeding into cautious spending and investment trends.

“[Companies] want to see what the conditions will be like, what kind of growth we’re going to have,” said Peterson. “We see a few that are doing layoffs, and lowering their cost base, but most are just cautiously slowing down.”

Earlier this week cloud software giant ServiceNow’s chief financial officer told Yahoo Finance it’s easier to find work talent today, compared to a year ago.

“The ability to snap up some great talent is better today than certainly the last year. So we’re taking advantage of that for sure,” Gina Mastantuono told Yahoo Finance’s Brian Sozzi and Julie Hyman.

Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

More Yahoo Finance coverage of Davos 2023:

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