In the story about the elephant and the blind men, each of them describes only the part of the animal he can touch. The one who feels its tail believes it resembles a rope; to another, who touches its ear, it seems like a fan. Their conclusions aren't wrong, yet none of them perceives the elephant in its entirety. The moral of the story, which has its origin in a Buddhist sutra, is not that parochial views are untrustworthy but that all reasonable perspectives deserve respect.

This parable sheds light on the most recent McKinsey Global Survey of Business Executives, whose findings are reported in the article "What global executives think about growth and risk." Corporate leaders around the world disagree on the opportunities for and risks to growth in the years ahead. More often than not, the divergence of opinion reflects regional and sectoral differences rather than any lack of prescience.

Business leaders in India, for example, worry more than their global counterparts do that a lack of infrastructure will constrain their country's growth. US executives fret more about health care costs than do their European peers. Banking executives worry about excessive regulation. Leaders in heavy industry...