Business confidence slumps to lowest level in 6 years, over China’s slowdown

People walk past the Congress Center at the opening of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2016.

Business confidence is at its lowest level in 6 years, as oil prices slump and China announces its economy is slowing down. That’s according to a survey of chief executives from around the world, who are set to meet in Switzerland this week. The annual World Economic Forum conference in Davos starts today, and organisers are expecting hundreds of business leaders and politicians to join them. But they’re not feeling positive about the global economy. Only 27% of the CEO’s expect growth to improve over the next 12 months, compared with 37% at the same time last year. China is cited as the main problem. Dennis Nally, chairman of PricewaterhouseCoopers (PwC), which conducted the annual check said, "There are big concerns with regard to currency and the stock market, and there are real questions about what this means for China's ability to transform its economy." China released official figures on Tuesday showing only 6.9% growth in 2015- the lowest in a quarter of a century.

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