Nearly 50 per cent of C-suite executives in the Asia Pacific region expect growth to enhance in the present year in spite of economic uncertainties, a latest study conducted by PricewaterhouseCoopers revealed. APAC executives were found to be more positive than the average of 42 per cent CEOs all over the world, even though this was observed to be considerably lower from the high of 57 per cent registered in the previous year.
CEOs’ views on the international economic growth are more polarised this year however it is trending downward, the report noted, with the majority of pronounced shift amongst chief executives in North America due to weakening fiscal stimulus and increasing trade conflicts.
Nearly all or 90 per cent of CEOs in China voiced concerns over trade tensions, protectionism, and policy uncertainty that have replaced climate change and a rising tax burden as the top ten list of threats to business growth.
Nonetheless, CEOs in Asia Pacific are taking proactive approaches to address market changes such as adjusting sourcing strategies and supply chain, as well as augmenting digital capabilities via enhanced investments in digitisation and technology.
The study found out that CEOs continued to face issues with their own data capabilities that gave rise to a considerable information gap. In spite of investments worth billions of dollars made in the IT infrastructure over the time period, CEOs are still not receiving comprehensive data required to make information about important decisions about long-term success and durability of their business, the report indicated.
PwC added that CEOs are intending to depend solely on organic growth at 71 per cent and operational efficiencies at 77 per cent and a large number of executives in the Asia Pacific region are increasing manpower in the subsequent 1 year to propel business growth.