PwC Management Services LP has published the PwC 26th Annual Global CEO Survey showing the majority of respondents believe economic growth globally will decline in the next 12 months. The firm says the reading is the most pessimistic CEOs have been regarding global economic growth in over a decade.
All told, 76 per cent of the 4,410 respondents surveyed say they believe economic growth will decline. More, 25 per cent of Canadian CEOs and 39 per cent of global CEOs say their businesses won’t be viable in 10 years if they do not transform.
“Strategic transformation is going to be critical,” the firm’s Canadian CEO, Nicolas Marcoux says.
“Evolve or die, say 4,410 chief executives in our 2023 CEO survey,” the report itself states. “But are they spending enough time on business reinvention? Many tell us no.”
They add that across economic sectors, CEOs recognize the potential for disruption ahead as five megatrends, including climate change, technological disruption, demographic shifts, “a fracturing world and social instability” are all reshaping the business environment.
“Although none of these forces is new, their scope, impact and interdependence are growing.” The report also looks at technological investment around the world, climate impacts on different company operations, and at tensions today and how they are affecting CEO’s views of tomorrow’s landscape.
“Striking the right balance may be challenging, but CEOs in Canada have demonstrated their resilience and an incredible ability to pivot these past few years,” Marcoux concludes. “By staying focused on building trust and generating long-term value for their people, their clients and society, business leaders can position themselves strongly to mitigate the risk of a potential economic downturn.”
