BUUMBA CHIMBULU writes
OPTIMISM for this year’s global economic growth from Chief Executive Officers (CEO’s) across the world is a tick higher than the 76 percent confidence level from a year ago.
Despite the array of shifting headwinds, the CEOs are the most optimistic about the prospects for a stronger economy in the coming year.
These are findings from PwC’s 25th Annual Global CEO Survey, which polled 4,446 CEOs in 89 countries and territories between October and November 2021.
The report however showed that market conditions such as supply chain disruptions, mostly caused by the ongoing Covid-19 pandemic were cited by the CEO’s to be posing challenges in their business operations.
The report indicated that more than three-quarters of CEOs, 77 per cent, predict the global economy would improve, while only 15 per cent expect worsening conditions.
In Africa, 85 per cent of CEOs expect that global economic growth would improve and eight per cent expect it to decline.
PwC Zambia Country Senior Partner, Andrew Chibuye, indicated that Covid -19 pandemic had pushed many organisations in Africa to rethink the way they operate and how they build trust and deliver sustained outcomes.
Mr Chibuye said optimism about growth prospects in Africa indicates greater resilience, stating that 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 are optimistic – and realistic – about the challenges and opportunities ahead,” he said. “While the ongoing pandemic and emergence of new variants cast a shadow over the year, the high level of CEO optimism we found speaks to the strength and resilience of the global economy and the ability of CEOs to manage through uncertainty.
“There was nothing “normal” about the world we are working in, but we are getting used to it,” PwC global chairman Bob Moritz said.
He said they are seeing differences in confidence among countries, and there was no shortage of challenges to navigate, but it was encouraging that CEOs felt positive about 2022.