Singapore CEOs assured about progress in enterprise and financial system
Singapore CEOs and their global peers are optimistic about the near future – confident about their own businesses and about the broader economic outlook, according to PwC’s latest CEO survey.
More than 5,000 executives worldwide took part in the PwC survey, and the results show a sunny outlook. Three-quarters of respondents worldwide expect economic growth to improve this year – which is reflected by 75% of CEOs in Singapore.
“After the past year of crisis and the significant strain on our economy and society, it is encouraging to see CEOs in Singapore become more confident about growth prospects,” said Yeoh Oon Jin, CEO of PwC Singapore.
There are enough suggestions. Vaccine adoption is advancing around the world, and economies in the Asia-Pacific region and around the world have long reopened. But it’s not just macro trends that CEOs believe in. Over a third of CEOs around the world are “very confident” that their own businesses will flourish this year – the equivalent of 34% in Singapore.
And it does so despite unprecedented challenges in all business functions – virtual working, consumer behavior, supply chains, etc. – many of which continue well into this year and are likely to continue. But companies adapted quickly, especially with heavy digital investments – as explained by Jin.
“CEOs have had to rethink and reconfigure their strategies and transformation plans, with many accelerating the digitization of their businesses. Those who have the agility to morph and spin quickly generally get better results. “
However, despite his confidence, Jin emphasizes the changes that will take place in the near future in market conditions and the long road ahead for companies to remain resilient, adaptable, and sustainable.
“CEOs now face two fundamental challenges: first, how to build trust among a wide range of stakeholders whose expectations of the business are higher than ever; and second, how they can adapt their businesses and achieve sustainable results in a rapidly changing environment. ”
“Organizations that do this right are best placed to emerge winners from the pandemic with strong, resilient and productive companies,” he concluded.