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| CEOs worry about growth but optimistic on own business |
| Press Trust of India / Davos Jan 25, 2012, 11:29 IST |
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As the top leaders from across the world converge here to discuss the business of the world, the CEOs have painted a gloomy picture for global economy in a worldwide survey.
At the same time, the confidence level of the CEOs is relatively better when it comes to the prospects for revenue growth in their own companies, as per the 15th Annual CEO survey released by consultancy major PwC (PricewaterhouseCoopers) here last evening.
The confidence level among Indian CEOs about revenue growth prospects has, however, declined to the lowest in six years, although the percentage of Indian business chiefs being confident about their growth prospects is higher than that of their global peers.
Besides, Indian CEOs are also more confident about their hiring plans and a lesser number of business chiefs in India are planning any cost-cutting measures in the next one year.
At the same time, the Indian CEOs are more concerned than their global peers about issues like bribery and corruption, over-regulation, increasing tax burden, exchange rate volatility, government's response to fiscal deficit and debt burden and the government protectionism.
As many as 92% Indian CEOs were concerned about bribery and corruption, 89% about uncertain or volatile economic growth, 86% about over-regulation, 83% about growing tax burdens, 80% about forex fluctuations, 79% about fiscal deficit and government borrowings and 75% about government protectionism.
PwC released the survey results here ahead of the World Economic Forum (WEF) Annual Meeting 2012, where business and political leaders from across the globe are expected to discuss the global economic slowdown and deteriorating business sentiments, among other issues.
As per the survey, 55% of Indian CEOs (as against 40% globally) said they were very confident of their revenue growth in 2012.
However, this marks a significant decline from 88% last year and is the lowest in past six years, PwC International Chairman Dennis Nally told journalists here.
Africa is the only region where the confidence level has increased to 57%, from 50% a year ago.
For the overall economy, only 15% CEOs globally expect a growth in 2012, although nearly three-times as many CEOs are confident about their revenue growth.
On a positive note, Nally said, the CEOs are confident about hiring and a majority of them believe that emerging markets are important for their future.
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