Over 70% of CEOs surveyed by PwC expect global growth to decline in 2023
This is in line with projections by the likes of the Organisation for Economic Co-operation and Development and the International Monetary Fund that global growth would slow this year in the light of the higher-than-expected consumer inflation and expectations that central banks would continue to hike interest rates albeit at a less aggressive rate.
"The world continues to change at a relentless pace, and the risks facing organisations, people — and the planet — will only continue to rise. If organisations are not only to thrive but survive the next few years they must carefully balance the dual imperative of mitigating short-term risks and operational demands with long-term outcomes — as businesses that don’t transform won’t be viable," Moritz said.
The ongoing energy crisis on the back of Russia’s war in Ukraine has created a challenging environment to do business in and threatens global growth. The war resulted in bottlenecks in global supply chains, forcing countries to be protectionist and inward-looking when dealing with trade matters and creating a wave of uncertainty that still lingers.
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