Updated January 16th, 2024 at 10:07 IST

CEOs optimistic about global economic growth despite challenges: Survey

The survey highlighted that nearly half of CEOs are sceptical about the long-term viability of their businesses within the next decade

Reported by: Business Desk
Expectations of economic decline have notably reduced | Image:Pexels
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In the annual PwC Global CEO Survey released on the first day of the World Economic Forum Annual Meeting, it was revealed that the proportion of CEOs expressing confidence in global economic growth has more than doubled compared to the previous year.

The survey, conducted among over 4,700 CEOs across 105 countries and territories, unveiled that 38 per cent of CEOs are optimistic about global economic prospects in the next 12 months, a significant increase from 18 per cent in 2023.

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The survey also highlighted that nearly half of CEOs are sceptical about the long-term viability of their businesses within the next decade, citing technological advancements and climate-related pressures as significant challenges.

Expectations of economic decline have notably reduced, with 45 per cent of CEOs expressing concern, down from a record high of 73 per cent in the 2023 survey. Despite ongoing geopolitical conflicts, the percentage of CEOs feeling their companies are highly or extremely exposed to such risks decreased to 18 per cent.

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The survey stressed that CEOs, especially in North America and Western Europe, are generally more optimistic about domestic economic prospects. However, workforce upskilling is identified as a critical requirement to fully leverage the transformative benefits of generative AI, which CEOs overwhelmingly view as a catalyst for efficiency, innovation, and transformative change.

PwC Global Chair Bob Moritz highlighted the uncertainty ahead but noted CEOs' proactive measures in transforming business models, investing in technology and workforce, and addressing risks and opportunities associated with climate transition. He stressed the need for businesses to accelerate reinvention to thrive in both short and long terms, build trust, and deliver sustained value.

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(With PTI inputs)

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Published January 16th, 2024 at 10:07 IST