What Do Indian CEOs Have To Say About Growth Prospects In 2023?

Nearly three-quarters (78%) of Indian CEOs believe global economic growth will decline over the next 12 months, according to PwC's 26th Annual Global CEO Survey, which polled 4,410 CEOs in 105 countries and territories, including 68 from India between October and November 2022. 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. his is the most pessimistic CEOs have been regarding global economic growth since we began asking this question 12 years ago and is a significant departure from the optimistic outlooks of 2021 and 2022. However, almost six in ten Indian CEOs (57%) express optimism about India’s economy over the next 12 months. In comparison, only 37% of Asia Pacific CEOs and 29% of global CEOs expect economic growth to improve in their countries or regions over the next 12 months. 41% of Indian CEOs think their organisations will not be economically viable in a decade. In addition to a challenging environment, 41% of CEOs think their organisations will not be economically viable in a decade if they continue on their current path. 62% of Indian CEOs, in particular, believe that changing customer demand will impact profitability in their industry over the next ten years to a large or very large extent, while 54% are concerned about changes in regulations. Globally, business confidence around economic growth varies starkly, with G7 economies – all weighed down by an ongoing energy crisis – more pessimistic about their domestic growth prospects than they are about global growth: France (70% vs 63%), Germany (94% vs 82%) and the UK (84% vs 71%). Inflation, macroeconomic volatility, climate change, and geopolitical conflict are top CEOs’ concerns.