Davos: Almost 40% of CEOs ‘Fear Their Multinational Companies will be Unviable within 10 Years

The Guardian | Larry Elliott and Graeme Wearden | Jan 16, 2023

Almost two in five of the bosses of global companies fear their businesses will be unviable within a decade because of the struggle to find talented workers and the need to adapt to technological change.

• As the World Economic Forum got under way in Davos on Monday evening, a survey of chief executives by the consultancy firm PwC was released, showing a downbeat mood about the immediate global outlook and longer-term survival prospects.
• Tech Capabilities: The PwC survey found that 40% of UK CEOs believed their company’s tech capabilities were not good enough to meet their strategic objectives, and thought the problem would get worse without urgent action. As a result, 86% of UK chief executives said they were automating processes and 74% were upgrading skills in key areas of their businesses.

See:  Davos: Cooperation in a Fragmented World: In Data We Trust

• Existential:  Of the UK CEOs questioned, 21% said they could not see their businesses lasting a decade on their current trajectories, rising to 39% for global CEOs. Almost three-quarters of CEOs (73%) from around the world said global growth would decline over the coming year – the most pessimistic finding since the question was first asked 12 years ago.
• In a separate piece of research, two-thirds of a group of 22 private and public sector chief economists surveyed by the WEF thought there was likely to be a global recession in 2023, with almost one in five saying it is extremely likely to occur.

Kevin Ellis, the chair and senior partner at PwC UK:

Businesses have already undergone massive change this decade, with hybrid working and cloud computing among the big shifts. But this is the tip of the iceberg – many CEOs believe their current business models are unsustainable and this means more change ahead.

Continue to the full article –> here

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org