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Executives report the least-positive views on economic conditions—at home and in the world economy—that they have all year.

As executives reflect on 2018, their views on current economic conditions are more downbeat than they have been all year, both domestically and globally. And while pockets of optimism for the economy’s prospects are evident in certain geographies, such as India and Latin America, respondents to McKinsey’s latest survey on executive sentiment express overall cautious expectations for the future.