Now is the time for natural leaders, says CEO of Heidrick and Struggles

Mr Kelly, who is CEO of Heidrick & Struggles, one of the world's most established and successful leadership advisory and executive recruitment businesses, says that while the ability to navigate risk and uncertainty are what separates good managers from real leaders, it is not always evidence-based decisions that are the most practical methods.

Adverse conditions and a back-to-basics approach will give organizations renewed strength and drive success he says, and sometimes, when data is either unreliable or unobtainable, CEOs have to rely on gut instinct.

"There are many abstract qualities that have recently returned to prominence. These are unprecedented times for many senior executives and it is now that we find out whether they have the natural qualities to be leaders," he says.

"Optimism is another unquantifiable element that undoubtedly has a huge effect on the survival of a business. Pessimism is the death of entrepreneurship and that can seal a company's fate. One of the most important, but difficult tasks in this climate is to make your optimism contagious - fight negativity and seek opportunity. Again this takes great personal courage and determination," he adds.

Mr Kelly interviewed 25 global CEOs about coping with these turbulent economic times. Many said that this is the toughest test of leadership in living memory, but that there are new stars coming to the fore.

"Some of the previous top performers have disappointed because they can't deal effectively with the ambiguity a crisis brings, but there is a stream of new talent that has proved their ability to adapt and rise to these challenges. Those with the capacity to react quickly will be a great asset for the future," said Mr Kelly.

Leaders also need to constantly communicate their goals and priorities with their teams, says Mr Kelly. Employees need to know that there is a united aim and that they are not only a vital part of the operation, but that they are in safe hands. The Middle East, Mr Kelly believes, has some lessons for the west in its business practices and philosophies.

"Looking for a solution from a fresh perspective can be liberating. Many western economies are bound by long-established systems and the legacy of tradition that may not necessarily be appropriate for the current climate. This region doesn't have those ties. This climate is a challenge for all companies in all industries, but there are lessons to be learnt if you look for them. That's what will determine the stronger businesses and set them on the right track when we turn the corner," said Mr Kelly.