Nearly 9 in 10 S’pore CEOs say global economic growth will decline over the next year

CEOs in S’pore are more pessimistic compared to their global counterparts.

With expectations of a worsening global economy, CEOs in Singapore are investing in change and transformation to reinvent their business.

According to PwC, 89% of leaders in Singapore expect global economic growth to decline over the next 12 months.

They are particularly concerned about inflation (31%), macroeconomic volatility (31%), cyber risks (25%), and geopolitical conflict (25%).

Globally, Singapore CEOs are more pessimistic than their global counters parts about the economic growth outlook.

In response to the current economic climate, CEOs are reducing operating costs (67%) and are already diversifying their product and service offerings (58%).

Meanwhile, over a third of CEOs in the Lion City also believe their companies will not be economically viable in the next decade if they continue on their current path.

This is why CEOs are investing in automating processes and systems (89%), deploying technology such as the cloud, AI and other advanced technology (83%), and implementing systems to upskill their workforce in priority areas (78%) to future-proof their businesses.