A recent survey of over 4,700 CEOs worldwide by PwC paints a mixed picture of their outlook for the global economy and the future viability of their companies. While 38% expressed optimism about the strength of the economy, up from 18% last year, a significant 45% of the respondents are concerned that their businesses won’t be viable in a decade without substantial reinvention, marking an increase from 39% in the previous year. The CEOs highlighted various challenges such as regulatory constraints, a lack of skills among workers, and the imperative for transformation to address climate change and emerging technologies like artificial intelligence (AI).
Despite the improved economic outlook, the survey indicates that CEOs are feeling less confident about their companies’ ability to weather significant changes. This sentiment is reflected in the increasing percentage (45%) of CEOs who worry about the future viability of their businesses, up from 39% in the previous year. The CEOs are actively attempting to drive changes within their organizations, but they face obstacles such as regulatory hurdles, a shortage of skilled workers, and other challenges.
Artificial intelligence emerges as a central theme, with nearly three-quarters of CEOs expressing the belief that AI will significantly change the way their companies create, deliver, and capture value in the next three years. While more than half of the CEOs see AI as a tool to improve their products or services, 69% are concerned that their workforce lacks the necessary training to handle this developing technology. The CEOs also expressed apprehension about the increased cybersecurity risks and misinformation associated with the widespread adoption of AI.
The survey underscores the complexity of navigating the current business landscape, where economic optimism coexists with concerns about the long-term sustainability and adaptability of companies. As CEOs grapple with challenges related to climate change, technology disruptions, and workforce skills, the need for strategic and transformative decision-making becomes increasingly evident.