Chief executive (CEO) optimism has hit a 10-year high as three-quarters expect a stronger global economy this year, according to PwC Global CEO Survey.
This despite CEOs continuing to face pressure generated by the ongoing Covid-19 pandemic and market conditions such as rising inflation, supply chain disruptions and the ‘Great Resignation’ in parts of the world, including Africa.
More than three-quarters of CEOs, 77 percent, predicted the global economy would improve, while only 15 percent expected worsening conditions. In Africa, 85 percent of CEOs expected that global economic growth would improve and 8 percent forecast it to decline.
South African CEOs were also optimistic about the outlook for their businesses, with 37 percent stating they were ‘very confident’ about their organisation’s prospects for revenue growth over the next 12 months.
South African CEOs continued to look to China (37 percent), the US (23 percent) and the UK (20 percent) for growth opportunities.
Among the largest territories, optimism was highest in India, where 94 percent of CEOs anticipated global growth in the coming year, up from 88 percent last year. At the other end of the spectrum, CEO optimism about the global economy declined most notably in the US, down 18 points to 70 percent.
Dion Shango, Territory senior partner at PwC Africa, said: “ The Covid-19 pandemic has pushed many organisations in Africa to rethink the way they operate and how they build trust and deliver sustained outcomes. Optimism about growth prospects in Africa indicates greater resilience; Africa’s CEOs are leading their organisations more effectively, managing more complex scenarios, engaging with a broader set of stakeholders and acting with courage during uncertainty. They’re optimistic - and realistic - about the challenges and opportunities ahead.“
BUSINESS REPORT ONLINE