Global megatrends, coupled with acute domestic challenges, are reducing the country’s long-term economic growth prospects. The consequences for employment could be disastrous
About 40% of South African CEOs, like their global counterparts, believe their companies will no longer be economically viable a decade from now if they continue on their current course. But given challenges such as load-shedding, many local firms are focused on their immediate, rather than their future, survival.
This is understandable. The confluence of crises facing South African business leaders “is nothing short of remarkable”, according to PwC’s South Africa economic outlook report for April.“The challenge for local CEOs is to see through their short-term challenges and make those long-term strategic decisions now,” says PwC senior manager Christie Viljoen. “If not, the private sector will lose its ability to support long-term economic growth in the country.”The mining industry is a case in point.
The survey shows that the CEOs who feel most exposed to climate change are more likely to take action to address it. “This kind of reactive approach is understandable — when your house is in the path of a forest fire you reach for the hose — but it creates risks of its own,” says PwC. “Combating climate change requires a co-ordinated, long-term plan. It won’t be solved if the only companies working on it are those that face an immediate financial impact.
in global growth — but this was before Russia’s invasion of Ukraine caused energy and commodity prices to surge, accelerating wage and price inflation.CEOs’ confidence in their own firms’ prospects has also nosedived — by a material 26%. This is the biggest year-on-year decline registered by PwC in the past 15 years of conducting the survey and is something it feels may be a little overdone .In response, 52% of CEOs have begun cutting costs, but only 16% are actually cutting jobs.
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