PwC’s latest CEO survey has revealed that global CEOs are more pessimistic about economic growth prospects than they were a year ago and are prioritising digital transformation and ESG initiatives.
- The survey, which polled over 5,000 CEOs in 100 countries, found that 51% of CEOs expect a decline in global economic growth over the next 12 months, up from 29% in 2022.
- The main factors driving this pessimism include geopolitical uncertainty, trade tensions, and the ongoing impact of the COVID-19 pandemic.
- The survey also highlighted the importance of innovation and digital transformation in driving business growth and competitiveness, with 86% of CEOs indicating that they are increasing investment in digital technologies.
- In addition to digital transformation, CEOs identified other key areas of focus for their organizations, such as talent management, sustainability, and stakeholder engagement.
- The survey results suggest that CEOs are taking a more cautious approach to business growth and investment, amid a challenging and uncertain global economic environment.
- However, the survey also suggests that CEOs are optimistic about the long-term prospects for their businesses, with 78% of CEOs expressing confidence in their organization’s growth prospects over the next three years.
- The survey also revealed that CEOs are increasingly focused on environmental, social, and governance (ESG) issues, with 75% of CEOs indicating that they are increasing investment in ESG initiatives.
- This reflects a growing recognition among business leaders of the importance of sustainability and social responsibility in driving long-term business success.
- The survey results have implications for policymakers and investors, as well as business leaders, who will need to navigate a complex and rapidly changing global economic landscape.
- The findings also highlight the importance of agility and resilience in business strategy, as well as the need for organizations to embrace digital transformation and innovation in order to remain competitive.
- The PwC survey is one of several recent reports that have pointed to a slowdown in global economic growth, as businesses and governments grapple with the ongoing impact of the COVID-19 pandemic and other challenges.
- However, the survey also suggests that there are opportunities for businesses that are able to adapt to changing market conditions and capitalize on emerging trends in areas such as digitalization and sustainability.
Read PwC’s 26th Global CEO Survey here.