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.
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