Navigating the Rising Tide of Uncertainty
Key findings from Greek CEOs 23rd Annual Global CEO Survey
What a difference two years can make. In 2018, PwC’s Annual Global CEO Survey revealed a record level of optimism regarding global economic growth. This year, as CEOs look ahead to 2020, we see a record level of pessimism. For the first time, more than half of the CEOs we surveyed believe the rate of global GDP growth will decline. This caution has translated into low CEO confidence in their own organisations’ outlook. Only 27 percent of CEOs are ‘very confident’ in their prospects for revenue growth in 2020, a level not seen since 2009.
So what is clouding the view from the top? In a word, uncertainty. Conducted in September and October of 2019, PwC’s 23rd Annual Global CEO Survey of 1,581 chief executives in 83 territories explores the sources and manifestations of uncertainty and how CEOs are taking action.
Explore key findingsUncertainty undermines outlook
Globally, CEOs express a record level of pessimism regarding the global economic outlook in 2020, with 53% projecting a decline in the rate of global economic growth, up sharply from 29% last year.
Aligned with the global trend, Greek CEOs are more pessimistic about the growth of global economy as opposed to 2018.
Setting up guard rails in cyberspace
The increasing complexity of cyber threats takes up a big part when shaping a company's cybersecurity strategy.
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To upskill or not to upskill is no longer the question
The biggest challenges Greek CEOs face are retaining their trained people, lack of relevant resources and the ability of employees to learn new skills.
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An opportunity cloaked in crisis
Climate change and the need to take actions is gaining ground on the agenda of Greek CEOs . Climate oriented initiatives are perceived as business opportunities.
Greek CEOs recognise the importance of climate change, and start to take actions. They understand the benefits and opportunities that occur.
It’s a new world that needs new skills. To many, that is an exciting prospect, because it speaks to progress. But the sheer speed, scope, and impact of technological change is also challenging businesses — and society at large — in fundamental ways. The future of work is no longer a global, or European issue only but it relates to Greece as well.
In the post crisis era whatever long-term growth we can hope for, it needs to be linked with the future dynamics of work and the way workforce will be disrupted as technology affects all industry sectors, all institutions, all citizens, everywhere, to a greater or lesser extent.
It's about creating the cultural foundations to inspire changes and capitalize on the momentum. Leaders must show the path and all of us have to walk it. To enable this requires inclusion, everybody has a role to play, and to provide the time and the tools to people for learning.
Marios Psaltis
CEO, PwC Greece
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