Do Executives and thought leaders see the US economic crisis more severe than most Americans?

A survey conducted by ChainBLX.io indicates that Americans have a more optimistic outlook of the current economic crisis than business, political and thought leaders meeting at digital.davos in Davos Switzerland each year.

The survey data indicates that roughly 35% of Americans in the USA believe that the current crises will affect the economy in the US for a period of more than a year, and roughly 10% don't expect any crises at all after the US will reopen. The majority, approximately 65% believe the economic problems to be over prior a year will pass.

This assumption from people living in the US stays in sharp contrast to opinions from business, political and thought leaders, which take part in the annual meeting at digital.davos each January in Davos, Switzerland. Those expected to 80% that the economic crisis will last longer than a year, only 7% don't expect any crisis at all.

A second survey shows that Americans living in the USA are both more optimistic concerning the European economy. Roughly 14% believe that Europe will have no crisis after reopening, where only 7% believe this to be true for the United States. Meanwhile, 38% think that the European economy will take longer to recover vs. United States economy (confidence interval 2.26% confidence level 95%).

It guides to relieve that most people living in the US believe that the economic crisis will last less than a year, as consumer confidence is one of the critical remedies against an economic crisis.

Regarding the difference in the opinion between executives, political and thought leaders, and most people living in the US, it may be that different information is used by both groups to evaluate the current crisis and different definitions of economic recovery. 

The Davos group, including executive, political and thought leaders, did not choose the middle option and over warming the option indicating the economic crisis will last longer than a year. The minority chose the choice that we will not experience any crisis at all. Sound academic arguments are made by both sides of this group. But the general group of consumers spoke loud and clear that the vast majority (65%) believes in a quick recovery, thus staying confident. It can be assumed that that group may base their opinion on the stimulus packages and the large dollar amount of government support.

This said, it's time for every firm as well as employees to plan. It is chainBLX's opinion here that executives and large and small business owners must develop a clear strategy because the world will be completely different the day it restarts after the pandemic. It is the time where innovativeness is necessary and clear communication to employees a must.