The main external risk for CFOs and their companies remained consumer demand.
Meanwhile, the protectionist approach of U.S. President Donald Trump is a source of concern for chief financial officers across the globe.
Chief financial officers (CFOs) of the world's biggest companies were particularly concerned about the prospect of a trade war between the United States and China.
In the latest CNBC Global CFO Council survey, 23 percent of the respondents said they are very concerned that the new U.S. administration will provoke a trade war with China and 72 percent said they are somewhat concerned.
Even before taking on the role of president, Trump accused China of being a currency manipulator and threatened to impose a tariff as high as 45 percent on Chinese exports into the U.S.