27th Annual Global CEO Survey - Asia Pacific

Leading through accelerated reinvention

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  • Insight
  • 5 minute read
  • January 15, 2024

63% of Asia Pacific CEOs are not confident about their company’s long-term viability, despite most of them (97%) having taken steps towards business reinvention.

Twelve months ago, we reported that 53% of Asia Pacific CEOs believed their companies would no longer be viable in ten years’ time if they continued on their current path. This highlighted a dual imperative for CEOs: the need to focus on the profitability challenges of the ‘here and now’ while simultaneously reinventing their business to ensure future viability.

In this year’s CEO Survey, conducted with 1,774 CEOs in the region, we continue seeing unease among business leaders. The path ahead remains unclear. Their views on the global economy are divergent: 45% expect the global economy to decline, while 40% expect it to improve in 2024.

Facing an uphill battle, the vast majority of companies (97%) in Asia Pacific are taking at least some steps toward reinvention. But is it enough? The survey suggests not. 63% of CEOs remain uncertain about their company's viability —10% higher than the previous year and 18% above the average for global CEOs.

Curiously, CEOs also report feeling less exposed to threats over the near term: inflation (down 21%), macroeconomic volatility (down 9%) and geopolitical conflict (down 12%). How can the two sentiments co-exist? It's possible that CEOs are focusing more on addressing the short-term risks — and having some success — rather than the wider long-term sustainability of their business. 

This level of future uncertainty has been compounded by a year of persistent economic challenges, high inflation and geopolitical conflicts re-defining risk and limiting growth. 

CEOs are also confronting generational crises and opportunities in climate and generative artificial intelligence (GenAI). All things considered, there’s a compelling argument for the need to accelerate business reinvention.

Other key findings
  • Both internal and external pressures drive barriers to reinvention.

    • The top three external barriers to reinvention are regulatory environment, a shortage of workforce skills and supply chain instability.

    • From an internal perspective, CEOs may have not done enough resource allocation (i.e. financial and human) which is fundamental to reinvention. Two-thirds of Asia Pacific CEOs reported only 20% or less resource reallocation from year to year. 

  • Asia Pacific CEOs still consider the US and China as critical to their growth prospects. Their investment focus remains steady or increases in several other Asia Pacific territories.

  • Most progress on climate action has been made in decarbonisation. However, about one in five are not currently pursuing other types of action related to climate adaptation, the ‘just transition’ or nature-based solutions.

  • 41% of Asia Pacific CEOs report that they have not yet adopted GenAI across their companies in the last 12 months even though they anticipate GenAI to significantly impact their companies, workforce and markets within the next three years. 26% predict a reduction in headcount due to GenAI.

Download our report

Explore several steps that Asia Pacific companies can take to accelerate and de-risk their reinvention to boost success

Contact us

Raymund Chao

Asia Pacific and China Chairman, PwC China


Christopher Kelkar

PwC Asia Pacific Vice Chairman, Operations, PwC United States


Sridharan Nair

PwC Asia Pacific Vice Chairman, Markets, PwC Malaysia


Lead Authors

Neel Bhattacharjee

Director, Strategy &, Asia Asia Pacific Operations, PwC Singapore


Mai Chu

Manager, Asia Pacific Markets, PwC Singapore


Joseph Chou

Chairman and CEO, Taipei, PwC Taiwan

+886 2 27296666, x26693


Roderick Danao

Vice Chairman and Assurance Partner Chairman, Makati, PwC Philippines

+63 (2) 459 3065


Soo Hoo Khoon Yean

Managing Partner, PwC Malaysia

+60 (3) 2173 0762


Marcus Lam

PwC Asia Pacific Vice Chairman, Singapore Chairman, PwC Singapore


Sundara Raj

Markets Leader and Chief Digital Officer, PwC Malaysia

+60 (3) 2173 1318


Eddy Rintis

Territory Senior Partner, Jakarta, PwC Indonesia

+62 21 509 92901


Patrick Tuan

Markets Leader, Taipei, PwC Taiwan

+886 2 27296666, x25995


Koichiro Kimura

PwC Asia Pacific Vice Chairman ; Japan Group Chairman, PwC Japan


Yukinori Morishita

Markets Leader, PwC Japan


Mark Averill

New Zealand Chief Executive Officer, Auckland, PwC New Zealand

+64 21 646 418


Kevin Burrowes

Partner, Office of CEO, PwC Australia

+61 3 8603 1443


Raymund Chao

Asia Pacific and China Chairman, PwC China


Tom Gunson

Partner, Clients & Markets Leader, Melbourne, PwC Australia

+61 407 209 213


Sanjeev Krishan

Chairman, Gurgaon 10C, PwC India

+91 124 330 6017


Thomas Leung

Markets Leader, PwC China

+[86] (10) 6533 2838 / +[852] 2289 8288


Ay-Tjhing Phan

Markets Leader, Jakarta, PwC Indonesia

+62 21 509 92901


Vivek Prasad

Markets Leader, PwC India


Joanne Robinson

General Manager, Auckland, PwC New Zealand



Mary Jade Roxas

Markets Leader, PwC Philippines


Kok Weng Sam

Markets Leader, PwC Singapore

+65 9367 3340


Dinh Thi Quynh Van

Chairwoman, Hanoi, PwC Vietnam

+84 24 3946 2246


Paiboon Tunkoon

Partner, Chief Sustainability Officer, PwC Thailand

+66 (0) 2844 1000


Mai Viet Hung Tran

General Director, Ho Chi Minh City, PwC Vietnam

+84 28 3823 0796


Sang-Soo Yoo

Deals Leader, PwC South Korea

+82 2 709 0543


Hoonsoo Yoon

Chief Executive Officer, Seoul, PwC South Korea

+82 2 709 0201


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