The majority of finance executives in the Middle East expect an economic recovery from the Covid-19-induced slowdown to take three months or more, according to a survey by PwC. Nearly 72 per cent of chief financial officers in the region believe it will take at least three months or more for the economy to recover from the pandemic, up from 66 per cent five weeks earlier, the consultancy's Covid-19 CFO Pulse survey found. Some 42 per cent of CFOs in the region expect the recovery to take six months or more, compared to 37 per cent globally. CFOs in the UAE are slightly more optimistic, though, with just 33 per cent expecting recovery to take at least six months. UAE executives are also markedly more confident in their own company’s resilience, with 44 per cent saying they were optimistic about their firms' ability to generate new revenue opportunities, compared to just 25 per cent globally. “Resilience and agility to be able to weather the present economic conditions will remain key drivers as organisations look ahead,” said Stephen Anderson, who leads PwC’s Middle East markets and strategy division. “As the region transitions to the new normal, organisations must not forget how they have been able to adapt under extreme economic pressure and harness the lessons learnt as they look towards the future.” The three main concerns of regional CFOs are the impact of a global downturn on their business (cited by 60 per cent of respondents), the financial impact of Covid-19, including its effect on operations, liquidity or capital (55 per cent), and a second wave of infections (53 per cent). Despite the concerns, 77 per cent of regional CFOs are confident about their company’s ability to provide a safe working environment for staff. About 73 per cent are confident about their ability to meet customers’ safety expectations. Middle East organisations are also more proactive than their global counterparts to preserve capital, the survey found. Ninety six per cent of regional CFOs are implementing cost containment measures, compared to 81 per cent globally. Two-thirds of regional CFOs also said they expect to defer or cancel planned investments, while 44 per cent are set to change financing plans. More than 8 million cases of Covid-19 have now been recorded globally, with over 437,000 deaths, according to Johns Hopkins University, which is tracking the pandemic. A global survey of fund managers released by BofA Securities on Tuesday found that just 18 per cent expected a ‘V-shaped’ economic recovery, while 64 per cent expect a more ‘U-shaped’ or ‘W-shaped’ return. A record number of fund managers also said they felt financial markets were overvalued.