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Davos - Senior European executives have largely given up hope of an economic upturn this year, according to a survey released on Tuesday by consultants PwC.
The poll, published on the eve of the World Economic Forum (WEF) in Davos, found that just 16% of European top managers expect signs of a revival during 2015.
While confidence in Europe's economies is low, the greatest amount of optimism is currently found in the Asia-Pacific region, where 45% of managers are predicting positive economic development. In North America, the figure falls to 37%.
German bosses are the exception to the European trend, with a third saying they have confidence in the world economy. Last year's comparative figure was 40%.
PwC's annual Global CEO Survey this year polled 1 300 chief executives from 77 countries.
Overall, 37% of respondents expect the economy to revive in 2015, while almost 20% of chief executives see deteriorating economic conditions - more than twice the level a year ago.
Adding to concerns about transformative change caused by new technologies and fluctuations in growth are geopolitical crises and attacks by hackers, PwC Germany head Norbert Winkeljohann said.
However, many executives see opportunities from the digital economy more clearly than before. "The digital era has begun," PwC said.
Many businesses are restructuring their operations in the light of the speed with which the new technology is transforming entire sectors and markets.
According to the survey, 81 per cent believe mobile technology is the most important theme of the immediate future, while data collection and analysis, cyber security, social media and cloud computing are seen as themes of great priority.
"Following a period of discussion on the advantages of digital technologies, the picture has become considerably clearer," Winkeljohann said.
"An increasing number of companies are now able to put a concrete figure on the added value of the new technologies in various areas of application."
Looking at the European breakdown, Russia saw the sharpest fall in business confidence, largely as a result of sanctions imposed on account of the Ukraine conflict.
Whereas Russian managers were the most confident globally in 2014, they are now the most pessimistic.
PwC's survey was carried out before the unexpected decision by the Swiss central bank to no longer support a minimum exchange rate for the franc with the euro. The full consequences of that decision on the world economy remain to be seen.
