Almost 3 in 4 Singapore CEOs optimistic amidst global uncertainties

They were the most confident amongst ASEAN CEOs.

Business chiefs from around the world have become less optimistic about the global economic prospects but not in Singapore, where 73% of CEOs remain confident amidst uncertainties.

According to KPMG, global optimism has dipped from 80% last year to 65% this year. The same proportion of optimistic CEOs were seen in the ASEAN region.

Part of the KPMG report provides insights into global CEOs’ expectations for business growth, the challenges they face and their strategies to chart organisational success over the next three years. For this part, 96% of Singapore business executives are positive on their companies’ growth prospects in the next years. Around 77% of them believe that their businesses are aiming to be the disruptor in their respective sectors.

This has led to ASEAN CEOs having higher than global average intentions to invest in new technologies and using digital to connect to customers. Intentions to invest in robotic processes over the next 3 years averaged about 45 percent higher than among CEOs outside the region.

“Greater digital investments offer CEOs and their companies more opportunities to find competitive advantage in an increasingly uncertain global geopolitical environment,” said KPMG Managing Partner Ong Pang Thye.

He furthered that the greater confidence among ASEAN business leaders should translate into an economically positive year for the region.

Meanwhile, concerns on geopolitical change have been increasing amongst CEOs in companies. Amongst those surveyed, 43% are reassessing their global footprint due to the changing pace of globalisation and protectionism. This is 42% of Singapore CEOs, and 56% across ASEAN. Also, around 52% believe the impact of the political landscape on their organisation is at its highest in many years. In contrast, 62% of Singapore CEOs and 65% of ASEAN CEOs agreed.