Two-thirds of global executives expect a moderate or significant contraction in the world’s economy over the next six months, with a record number believing company profits will decline, according to McKinsey & Co’s The coronavirus effect on global economic sentiment, a global survey.

The latest survey, conducted this past 6 April to 10 April, revealed economic sentiment had worsened considerably compared with the firm’s survey a month prior, which was conducted from 2 March to 6 March. In the April survey, 27 percent of respondents expected a significant contraction in the global economy in the next six months, with 39 percent believing this contraction will be moderate and 7 percent saying it will be minimal. In the March survey, these figures were 5 percent, 37 percent and 33 percent, respectively.

This gloomier outlook between the two surveys was echoed for respondents’ domestic economies. Both globally and domestically, however, there was a sl