CEO Survey News Release

CEOs' Confidence Surges as Recession Woes Wane; CEOs in Africa 93% Confident of Growth in 2011

2 February 2011

Nairobi

Focus on innovation, talent and workplace issues in PwC Survey and forthcoming publication

Two years removed from the depths of recession, CEOs’ confidence in future growth has returned to nearly pre-crisis levels, according to PwC’s 14th Annual Global CEO Survey. In a worldwide poll of 1,201 CEOs, 48% said that they were ‘very confident’ of growth in the next 12 months, a major positive shift compared to last year. Among CEOs with companies headquartered in Africa, 93% were confident of growth over the next 12 months in their African markets, compared to 87% last year.

PwC will soon launch a survey of 170 CEOs in Africa and 100 companies listed on African stock exchanges to provide a more detailed analysis of the African business and operating environment. The Agenda for Africa report will cover a broad range of industry sectors and analyse factors such as risk, growth, competition, innovation and climate change.

‘A more extensive analysis of the African business environment by PwC later this year will shed even more light on what is happening on the continent and why,’ said Kuria V Muchiru, Country Senior Partner for PwC in Kenya. ‘Competition is heating up in Africa. Bridging the skills gap remains a challenge, as does achieving shared priorities with government.

‘Economies are diversifying and companies are expanding regionally and putting customers at the centre of innovation. This is what we are seeing on the ground, and what we will explore in greater depth in The Agenda for Africa report,’ added Muchiru.

The global CEO survey was launched at the World Economic Forum in Davos – Klosters, Switzerland last week. Both the Forum and PwC’s global CEO Survey explored a new, post-recession world faced by global leaders.

The theme of the Davos Forum was ‘Shared Norms for the New Reality’ and included over 2,500 leaders from 100 countries representing business, civil society, government, academia and culture. Some of the issues discussed included shifting global political and economic power from North to South and West to East. Traditional systems and decision models must adjust to this new reality, and leaders must work together to create shared norms for making global cooperation a reality.

The theme for the 2011 Forum is supported by four interconnected pillars, which are:

  • Responding to the New Reality
  • The Economic Outlook and Defining Policies for Inclusive Growth
  • Supporting the G20 Agenda
  • Building a Risk Response Network

PwC and the Forum have been strategic partners since the mid-1980s. PwC is a knowledge provider for the Forum’s Annual Meeting in Davos and at regional summits conducted by the Forum every year. At Davos, PwC provides KnowledgeConcierge, a Web site that supplies key data for the meeting.

The full text of PwC’s 14th Annual Global CEO Survey and PwC’s KnowledgeConcierge website is available at www.pwc.com/ceosurvey. Coverage of the World Economic Forum in Davos is available at http://www.weforum.org/