73% Of CEOs Believe Global Economic Growth Will Decline This Year: Global CEO Survey

As many as 73% of CEOs around the world believe global economic growth will decline over the next 12 months, the most pessimistic outlook in over a decade says the 26th PwC Annual Global CEO Survey released at the World Economic Forum at Davos. The survey polled 4410 CEOs in 105 countries over October and November 2022. Nearly 40% of CEOs don't believe their organisations will be economically viable in 10 years if they do not transform. Inflation (40%), macroeconomic volatility (31%), and geopolitical conflict (25%) rank as the top global threats, as cyber and health risks fall from a year ago CEOs are cutting costs, yet 60% do not plan to reduce headcount and 80% don't plan to reduce compensation in the fight to retain talent following the *Great Resignation'. Leaders in France, Germany, and the UK are less optimistic about domestic growth than global growth, compared to those in the US, Brazil, India, and China. Changing customer demands, regulation, labour/skills shortages, and tech disruption are seen as the biggest challenges to long-term industry profitability. CEOs see climate risk impacting their cost profiles and supply chains over the next 12 months; 58% are developing a strategy for reducing emissions and mitigating climate risks.