Business chiefs around the world are twice as confident about improvement in the global economy this year than in 2013, a major new survey released yesterday by professional services provider PwC revealed.

And 39 percent of those survey said they were “very confident” that their companies’ revenues would increase in 2014.

A total of 44 percent of CEOs predicted a recovery, up from only 18 percent the year before, while just seven percent said that the global economy would decline further, down from 28 percent in 2013.

Business leaders in Western Europe — a major market for Bermuda — led the pack, with its company chiefs the most confident over short-term economic prospects on 50 percent.

CEOs in the Middle East — seen as a key target for Bermuda business expansion — were just behind, with 49 percent showing faith in the immediate economic future.

The booming Asia Pacific region was third, with 45 percent of company bosses taking a favourable view of the coming year.

In Latin America, seen as another area of potential growth for the Island, 41 percent of CEOs were confident about an improvement in economic conditions — the same as North America, the Island’s biggest business partner.

Business bosses in Africa and Central and Eastern Europe showed the least confidence in the coming year — 40 percent and 26 percent respectively.

CEOs in the hospitality and leisure sector were most confident about the prospects for 2014, with 46 percent predicting an improvement in the business environment.

A total of 45 percent of banking and capital markets bosses said the year would be better, while CEOs in financial services, asset management, retail and communications all had 44 percent of its leading figures expressing confidence for 2014.

PwC CEO for Bermuda and the Caribbean Darren Johnston said: “Bermuda should take note of this survey since the respondents include leading representatives of our major trading countries and most important industries.

“The survey’s findings can help steer our thinking as we seek to collectively move Bermuda forward out of the current challenging economic climate.”

CEOs also identified governmental over-regulation as a major problem with the potential to block growth, with 72 percent identifying it as their top concern for the year, while massive fiscal deficits worried 71 percent of bosses.

The PwC report said the figures for the two areas were “as high as they have ever been”.

Other worries included a slowdown in emerging economies, tax rates, the availability of key skills, exchange rate volatility and lack of stability in capital markets.

And CEOs said that three major global trends — rapid advances in technology, demographic changes and shift in the balance of economic power would have a major impact on the future of their businesses.

PwC’s international chairman Dennis Nally said: “Finding ways to turn these global trends to their advantage will be the key to future success.”

He added: “CEOs have begun to regain confidence. They’ve successfully guided their companies through recession and now more CEOs feel positive about their ability to increase their revenues and prospects for the global economy.”

Mr Nally said that generating growth in a post-crisis world economy remained a concern for top executives — especially amid changing conditions like slowing growth in emerging markets.

He added: “And worries continue to loom large on CEO horizons with CEOs sending a clear message to governments with their levels of concern about over-regulation fiscal deficits and tax burdens at their highest levels.”

Mr Johnston added: “As Dennis indicated, CEOs are gaining confidence in the global economy and are responding to the three major global trends.

“These trends also provide an opportunity for each business in Bermuda to rethink how it will compete to deliver value to its customers both locally and internationally.”

PwC polled more than 1,330 CEOs in 68 countries and carried out face-to-face interviews with a further 33 business leaders to establish how they are coping with the fallout of the global economic slump.