As part of a presentation in Davos, it has been revealed that CEOs are doubtful of the global economy as we enter a new decade.
Now in its 23rd year, PwC’s survey of CEOs remains a useful tool in gaining insight into how the world’s professionals feel about the key issues that will affect entrepreneurs, investors, and franchisors alike.
This year’s report has shown that faith in financial prosperity is dwindling, as 53 per cent of the survey’s 1,600 respondents predict a decline in the rate of economic growth in 2020. This figure is up from 29 per cent in 2019, and well above the five per cent recorded in 2018.
CEO pessimism over global economic growth is particularly significant in North America, Western Europe, and the Middle East, with 63 per cent, 59 per cent, and 57 per cent of CEOs from those regions predicting lower global growth, respectively.
“Given the lingering uncertainty over trade tensions, geopolitical issues and the lack of agreement on how to deal with climate change, the drop in confidence in economic growth is not surprising – even if the scale of the change in mood is,” said Bob Moritz, chairman, of the PwC Network. “These challenges facing the global economy are not new – however, the scale of them and the speed at which some of them are escalating is new. The key issue for leaders gathering in Davos is: how are we going to come together to tackle them?”
When asked about the top threats for their organization’s growth prospects, CEOs cited uncertain economic growth, trade conflicts, and over-regulation as the top three causes for concern.
