Indian chief executive officers (CEOs) have emerged as the most optimistic globally as far as improvement in the global economy this year and long-term revenue prospects of their own businesses are concerned.
However, the growing Indian market is “decelerating,” a survey of 1,330 CEOs across 68 countries by Pricewaterhouse Coopers' (PwC) has found.
India is decelerating in comparison with Brazil, Indonesia and South Africa, the PwC survey released here last night on the sidelines of the World Economic Forum’s (WEF’s) annual meeting showed.
The survey identified China, Mexico, Russia, Saudi Arabia, South Korea and Turkey as decelerating along with India.
In the long term, 97% of Indian CEOs were found to be “somewhat or very confident” of revenue growth over the next three years, out of which 85% said they are very confident, making them the most optimistic in the world.
About global economy, 38% of Indian CEOs anticipate improvement in the global economy in 2013, making them the most optimistic across the world.
Globally, 36% of CEOs surveyed said they were “very confident” of their company’s growth prospects in 2013, down from 40% last year.
About the overall economic scenario, 28% expect further downtrend in the global economy this year, while only 18% expect an improvement and more than 50% expect it to remain same.
However, the confidence level has improved on this front, as 48% of CEOs expected a decline in the global economic scenario last year.
“CEOs remain cautious about their short-term prospects and the outlook for the global economy. However, given the high levels of concern among CEOs about issues such as over-regulation, government debt, capital market instability, it is no surprise that CEO confidence has declined in the last 12 months,” said Debbus M Nally, chairman, PwC International.
The CEO confidence level is very high in India also in terms of hiring people for their firms, while the percentage of CEOs having overseen job cuts in companies during the past year is the lowest in India, it said.
Finding the right talent for businesses, lack of stability in the markets and growing regulatory and tax burdens are some of the problems faced by CEOs, the report said.