PwC CEO Survey 2024: 38% of CEOs View Economic Growth to Improve & 45% Decline, Top 7 Threats for CEOs are Inflation, Macroeconomic volatility, Cyber
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PwC CEO Survey 2024: 38% of CEOs View Economic Growth to Improve & 45% Decline, Top 7 Threats for CEOs are Inflation, Macroeconomic volatility, Cyber Risks, Geopolitical Conflict, Climate Change, Health Risks & Social inequality 2nd February 2024 | Hong Kong
PwC has released the Global CEO Survey 2024, providing key insights of 4,702 CEOs in 105 countries & territories, of which 27% of CEOs lead organisations with revenue of more than $1 billion and 38% lead organisations with revenue of more than $100 million, and 68% of organisations are privately owned. For 2024, 38% of CEOs view global economic growth to improve, 45% to decline and 16% of CEOs view to stay the same. CEOs view of Business viability of more than 10 years with current operations – 53% (Less than 10 years: 45%). Top 7 Threats for CEOs in next 12 months – Inflation, Macroeconomic volatility, Cyber risks, Geopolitical conflict, Climate change, Health risks, Social inequality. Top 7 Factors for CEOs driving change in next 3 years – Technological change, Change in customer preferences, Government regulation, Competitor actions, Climate change, Supply chain instability, Demographic shifts. Top 10 Factors affecting CEOs change to create value – Regulatory environment, Competing operational priorities, Lack of skills in my company’s workforce, Limited financial resources, Lack of technological capabilities in my company, Supply chain instability, Bureaucratic processes in my company, Infrastructure challenges, Lack of support from internal stakeholders, Lack of support from the board. Top 10 CEOs time spent on inefficient items – Emails, Procurement / contracting processes, Information-sharing meetings, Hiring processes, Expense-approval processes, Performance reviews, Payroll processes, Addressing technology issues, Business investment–approval processes, Decision-making meetings. Top 7 Reinvention actions for higher profit margins – Develop new technology in-house, New strategic partnerships to capabilities, Acquisitions to enhance capabilities, Shift from global supply chain model to regional one, Adopt new technologies to enhance capabilities, Develop novel products / service, Implement novel pricing models. CEOs accepted lower rates of return for climate-friendly investments in the last 12 months – Yes 41% (No: 59%). Accepted 1% to 6% difference rate of return for climate-friendly investments compared to other investments – 75% of CEOs. Top 3 Climate change progress – Improve energy efficiency, Innovate new, climate-friendly products or services, Sell products, services or technologies that support climate-resilience. CEOs Top 3 on Artificial Intelligence – Will significantly change the way my company creates, delivers and captures value, Will require most of my workforce to develop new skills, Will increase competitive intensity in my industry. Top 4 items Artificial Intelligence will increase output by more than 5% in the next 12 months – Efficiencies in my employees’ time at work, Efficiencies in my own time at work, Profitability, Revenue. Top 3 Industry Sectors Artificial Intelligence will decrease headcount by more than 5% in next 12 months – Media & Entertainment, Banking & capital markets, Insurance. Top 3 items Generative AI to cause increase in the next 12 months – Cybersecurity risk 64%, Spread of misinformation 52%, Legal liabilities & reputational risks 46%. See below for key findings & summary | View report here:
“ 38% of CEOs View Economic Growth to Improve & 45% Decline, Top 7 Threats for CEOs are Inflation, Macroeconomic volatility, Cyber Risks, Geopolitical Conflict, Climate Change, Health Risks & Social inequality “
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PwC CEO Survey 2024
CEO PwC has released the Global CEO Survey 2024, providing key insights of 4,702 CEOs in 105 countries & territories, of which 27% of CEOs lead organisations with revenue of more than $1 billion and 38% lead organisations with revenue of more than $100 million, and 68% of organisations are privately owned.
Summary:
PwC CEO Survey 2024 1) CEOs Economic & Business Outlook 2024
Global economic growth in 2024 (next 12 months):
- Improve – 38%
- Decline – 45%
- Stay the same – 16%
Global economic growth in 2023 (Previous Year Survey):
- Improve – 18%
- Decline – 73%
- Stay the same – 18%
Business viability with current operations:
- More than 10 years – 53% (2023: 59%)
- 10 years or less – 45% (2023: 39%)
Top 7 Threats in next 12 months:
Top 7 Factors driving change in next 3 years:
2) Factors & Items impacting CEOs
Top 10 Factors affecting CEOs change to create value:
Top 10 CEOs time spent on inefficient items:
3) CEOs on higher returns & profit
Top 7 Reinvention actions for higher profit margins:
CEOs Accepted lower rates of return for climate-friendly investments in the last 12 months:
- Yes – 41%
- No – 59%
Acceptable rate of return for climate-friendly investments compared to other investments:
Accepted 1% to 6% difference rate of return for climate-friendly investments compared to other investments – 75% of CEOs
4) CEOs on Climate Change
Climate change progress (Completed / In Progress / Planned not started):
Climate change (No plan for this):
5) CEOs on Artificial Intelligence
Generative AI (Artificial Intelligence) – Agree:
Top 4 items Artificial Intelligence will increase output by more than 5% in the next 12 months:
Industry Sectors Artificial Intelligence will cause decrease headcount by more than 5% in next 12 months:
Generative AI to cause increase the following in the next 12 months:
PwC 27th Annual Global CEO Survey
PwC surveyed 4,702 CEOs in 105 countries and territories from 2 October through 10 November 2023. The global and regional figures in this report are weighted proportionally to country nominal GDP to ensure that CEOs’ views are representative across all major regions. The industry- and country-level figures are based on unweighted data from the full sample of 4,702 CEOs, including 4,088 men, 521 women, and 93 who identified with another gender or preferred not to say. Further details by region, country and industry are available on request. All quantitative interviews were conducted on a confidential basis. Among the CEOs who participated in the survey:
- 3% lead organisations with revenues of US$25 billion or more
- 4% lead organisations with revenues between US$10 billion and US$25 billion
- 20% lead organisations with revenues between US$1 billion and US$10 billion
- 38% lead organisations with revenues between US$100 million and US$1 billion
- 31% lead organisations with revenues of up to US$100 million
- 68% lead organisations that are privately owned.
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