CEOs in Cyprus are more optimistic about their company's revenue growth prospects for the next 3 years. The percentage of CEOs who stated “very confident” reaches 25%, an increase of 22 percentage points compared to the percentage recorded last year. A total of 69% stated “somewhat confident” representing an increase of 40 percentage points. In contrast, the percentage of Cypriot CEOs who are “not confident at all” drops to 3% compared to 45% recorded last year
16th Annual Global CEO Survey Country summary: Adapting to the new reality - Key findings in Cyprus
According to the 16th Annual Global CEO Survey, the majority (34%) of CEOs in Cyprus, in the Eurozone (43%) and globally (45%) are somewhat confident about their company’s prospects for revenue growth over the next 12 months.
CEOs in Cyprus are more optimistic about their company's revenue growth prospects for the next 3 years. The percentage of CEOs who stated “very confident” reaches 25%, an increase of 22 percentage points compared to the percentage recorded last year. A total of 69% stated “somewhat confident” representing an increase of 40 percentage points. In contrast, the percentage of Cypriot CEOs who are “not confident at all” drops to 3% compared to 45% recorded last year.
Potential opportunities and investment priorities
CEOs in Cyprus view organic growth in the domestic market (25%) and the development of new products or services (25%) as the main opportunities for growth over the next 12 months followed by new operations in foreign markets (22%), organic growth in existing foreign markets (16%) and a new M&A, joint venture and strategic alliance (13%).
Pressures and threats
Uncertain economic growth and the government’s response to fiscal deficit and debt burden may have a negative impact in business activity. This is confirmed by 91% of Cypriot CEOs, 86% of CEOs in the Eurozone and 81% of CEOs at a global level.
Interview quotes from CEOs in Cyprus
"The unprecedented economic challenges left companies straggling with squeezed liquidity. Demetra, the largest public investment company on the island, has managed to come out of the economic meltdown with a strong cash position;and the challenge now is to capitalise on the opportunities brought about by the crisis.We are looking to promote investments in the energy & infrastructure sectors that will contribute in accelerating economic growth and help revive the economy."
Dr.Nicos MichaelasGeneral Manager - Demetra Investment Public Ltd
"Taking into consideration company and market data, we have every reason to believe that the outlook for the organisation in the following years is very positive. Our sector could contribute to the growth of the economic by providing low interest loans to companies operating in various sectors of the economy. In order to overcome the new economic conditions we will develop a flexible plan of action and restructuring."
Dr.Nearchos IoannouGeneral Manager - Limassol Cooperative Savings Bank
"In the context of the economic reorganisation, the information technology industry can play a key role as a facilitator for increasing productivity, reducing operating costs and creating new jobs, which in turn will support sustainable economic growth. Countries that promote innovation and invest in new innovative technologies, infrastructure and training as well as in the development of skills for their society will be those that will ensure a comparative advantage in the global market arena."
Dr.Adamos ChristodoulouManaging Director - NewCytech Business Solutions Ltd
" The ability of a business to have liquidity without bank lending and the ability of maintaining strong associates and clientele, as well as the insights to understand the needs of customers and associates, the promptness in decision-making and the creation and supply of new services in relation to dignity and respect create perspective for the future. At the same time management needs to have ‘‘soul and pride’’."