The business world may be approaching an important new milestone. In 2008, many economists expect emerging economies to sustain global growth as the US faces recessionary pressures.
Findings from PricewaterhouseCoopers' (PwC's) 11th Annual Global CEO Survey point clearly to the fact that the world economy is no longer dominated by the US and other developed countries. Success in this rapidly evolving environment requires competing in one global marketplace, and not a series of regional ones. This adjustment will be difficult, but the rewards are significant. Those accustomed to years of market leadership will need to begin shifting their domestic and regional focus toward greater integration with the global economy if they are to rise to the challenge of the new economic reality.
Highlights
- Our survey finds emerging-market players significantly more confident than their US counterparts about growth prospects and more aggressive about expansion plans.
- As the domestic economy slows down, US businesses should consider how they can take advantage of opportunities in emerging markets.
- For those pursuing a global growth strategy, three key risks will become increasingly significant: talent shortages, over-regulation, and weak supply chain security.
- Seizing new opportunities while managing these risks will require fundamental strategic, operational, and cultural changes.
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