American CFOs fear a recession by the third quarter of next year, according to the latest Duke CFO Global Business Outlook Survey, released Wednesday.

The survey generated responses from more than 1,500 chief financial officers, including 469 from North America, and showed that 67% of those surveyed predicted the U.S. economy would be in recession by the third quarter of 2020, and 84% believe a recession will have begun by the first quarter of 2021. Thirty-eight percent of respondents predicted a recession by the first quarter of next year.