Deloitte CFO Survey: Optimism declines, CFOs anticipate recession

Rotterdam, 16 June 2025

A significant majority of CFOs (80%) consider the likelihood of an economic recession in the next 12 months to be probable. "The CFO plays a crucial role in times of economic uncertainty. It is essential to stay calm, remain realistic, and be prepared for various scenarios," states Mohamed Bouker, CFO Program Lead at Deloitte. "CFOs are being tested right now: when times are tough or challenging, one must be willing to make adjustments. At that point, tough decisions may need to be made."

Preparing for economic risks and geopolitical developments

CFOs indicate that their strategic policies are significantly influenced by potential risks arising from uncertainties surrounding the economic outlook (76%) and geopolitical developments (66%). Larger organisations with a more extensive global presence are particularly vulnerable to fluctuations in international markets. Agility is crucial; CFOs must continuously weigh strategic priorities against the dynamics of a changing environment to mitigate risks and optimally seize opportunities. 

Notably, more than a third of CFOs (37%) express low confidence in their organisations' readiness to cope with risks and uncertainties effectively. Only 17% have high confidence in risk management, while nearly half (46%) express a moderate level of confidence. This limited confidence is concerning in the current volatile economic and geopolitical climate. Although CFOs cannot prepare for every scenario, 34% state they address issues as they arise, and only 30% have developed contingency plans for specific geopolitical events. 

Changing regulations and a shortage of skilled professionals

Changing regulations - including those concerning sustainability, data protection, and taxation - present strategic challenges for CFOs. These developments necessitate ongoing adjustments in business processes and investments in compliance technologies. Data analytics plays a crucial role in monitoring compliance and identifying risks; however, many organisations are facing a shortage of skilled professionals (31%). 

Addressing data issues requires broad attention; not only to ensure compliance but also to bolster sustainability initiatives. Organisations are redefining sustainability in a broader sense, influenced by economic and political developments. Established organisations express assurance in meeting CSRD requirements, yet encounter significant obstacles related to the availability and consistency of data. 27% of CFOs identify the availability and consistency of data as the primary challenge in current sustainability reporting operations, a substantial decrease from the previous edition of the CFO Survey (49%). Conversely, evolving regulations and/or ambiguous interpretations of sustainability legislation are increasingly cited as challenges (24% compared to 16% in the previous edition).