Euro business chiefs fear double dip recession

The greatest concern for European business leaders is a global double dip recession, according to research from the Economist Intelligence Unit (EUI) and ACE.

Almost 30% of over 100 leaders surveyed see a double recession as the biggest risk facing the global economy in H2.

Next on the list came sovereign debt default (19%), followed by market volatility (9%), and another banking crisis (9%).

However, worries have dropped over a potential break-up of the Eurozone sparked by the recent Greek economic meltdown, with only 5% seeing this as a risk in the future.

Despite their fears, a huge 90% of respondents believe their firms can cope successfully with risks for the rest of the year.

"Regardless of whether we face a further global recession or not, the results of this survey show firms remain vigilant to the risks they face," says Andrew Kendrick, CEO of ACE European Group.