On January 20, 2020 The 23rd edition of the PwC’s Annual Global CEO Survey was launched on the 1st day of the World Economic Forum (WEF) annual meeting in Davos, Switzerland. As per the survey based on the confidence of CEOs over worldwide economic growth, India ranked 4th while it was topped by United States(US). China and Germany ranked 2nd and 3rd respectively. The survey report in detail are as follows:PwC’s 23rd Annual Global CEO Survey:
Report on India:
i.Only 9% in the global survey favour India for their companies’ growth prospects.
ii.Confidence level: Indian chief executive officers (CEOs) showed 2nd highest level of confidence standing at 40% rate in overall revenue growth prospects on their own company. The country that ranked 1st in highest level of confidence was China with rate 45%.
- The US with 36%, Canada at 27%, the UK (United Kingdom) at 26 %, Germany at 20%, France 18% stood 3rd, 4th, 5th, 6th and 7th place respectively.
- Only 11% of India CEOs believe that their organisation has made significant progress in establishing an upskilling programme.
i.Top market CEOs: The US remains as lead in top market CEOs over the next 12 months at 30%, just one point ahead of China as China was at 29%. Apart from the US and China the other countries making the top 5 places for growth are Germany (13 per cent), India (9 per cent) and the UK (9 per cent) in 3rd, 4th and 5th place respectively.
- In 2020, only 11% of the CEOs of China selected US as their top 3 growth markets while in 2018 it was 59%.
ii.China’s top growth market economies:
- 45% of Chinese CEOs have selected Australia as top 3 growth market instead of US. In 2018, the value stood at 9% only.
iii.Least optimistic CEOs: Japan has the least optimistic CEOs with only 11% very confident of growing revenues in 2020.
iv.CEO Confidence and actual growth: Since 2008, the correlation between CEO confidence and actual growth was very close. The global growth could slow to 2.4% in 2020.
- Only 27% of the global CEOs are very confident of the growth in their own organisation over the next 12 months. This estimation is the lowest since 2009 and also lower than 35% for 2019.
v.CEO opinion on GDP: The survey covered 1600 CEOs in 83 territories showed that 53% of CEOs believe that the global GDP (Gross Domestic Product) would reduce/decline. This estimation is up by 29% from 2019. Only 22% of the CEOs expected improvement in global GDP.
vi.There were 4 key forces that drives the upskilling imperative. They are
- Increasing job automation.
- Decreasing talent availability.
- Decreasing mobility of skilled labour.
- Ageing talent.
Rank of countries with maximum growth prospect:
|Rank||Country||Percentage(%) of estimation|
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About World Economic Forum(WEF):
Headquarters- Cologny, Switzerland.
Founder- Klaus Schwab.
Founded- January 1971.