Centre for the New Economy and SocietyChief Economists’ OutlookI N S I G H T R E P O R TM A Y 2 0 2 6
Images: Getty Images, UnsplashDisclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders.© 2026 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.Executive summary1 A shifting economic outlookVolatility increasesAI sentiment is cooling2 Disruption and its implicationsIndustry impactsRegional impacts3 Growth, policy and geoeconomic outlookRegional growth and policy expectationsGlobal business environmentContributorsEndnotes4577910111313202124ContentsChief Economists’ Outlook May2
May 2026Chief Economists’ OutlookThis briefing builds on the latest policy development research as well as consultations and surveys with leading chief economists from both the public and private sectors, organized by the World Economic Forum’s Centre for the New Economy and Society.It aims to summarize the emerging contours of the current economic environment and identify priorities for further action by policy-makers and business leaders in response to the compounding shocks to the global economy from geoeconomic and geopolitical events.The survey featured in this briefing was conducted from 6 April to 17 April 2026.Chief Economists’ Outlook May3
Executive summaryIn the May 2026 edition of the Chief Economists’ Outlook, sentiment among surveyed chief economists regarding global economic prospects has deteriorated. In the survey, 89% of respondents anticipate global growth over the next 12 months to weaken, with 21% expecting a significantly weaker outlook. The escalation of conflict in the Middle East, including the closure of the Strait of Hormuz, has disrupted global supply chains, elevated prices for affected goods and significantly increased uncertainty and volatility.Inflationary pressures are expected to intensify, with 94% of surveyed chief economists anticipating higher global inflation in the coming year. Energy and food prices are identified as primary drivers, with supply shocks projected to have lasting effects. While 58% of respondents do not see a global recession as imminent, there are limited expectations of increased economic resilience in the short term. Volatility is expected to rise, with most chief economists anticipating fluctuations in debt and equity markets.Artificial intelligence (AI) remains a key driver of optimism...
