The vast majority of corporate executives are bracing for a recession — or think the U.S. economy is already in one, according to a new survey.

Findings published by Stifel Financial show that 18% of corporate executives, business owners and private equity investors believe the economy has already contracted and is in a recession. That compares to about 79% of whom expect a downturn within the next 18 months.

By comparison, just a small fraction of executives — about 3% — think a recession will be avoided altogether.

“Given the uncertain backdrop, it’s understandable that companies are planning for a potential prolonged downturn and are considering various economic scenarios, as well as their approach to strategic planning over the next year,” said Michael Kollender, head of consumer, retail and diversified industrials investment banking at Stifel. “Market conditions and economic cycles often turn quickly.”

The study also showed that businesses think the biggest threat to profitability is painfully high inflation and a persisting labor shortage.