The 15th Annual Global CEO Survey 2012 was launched at the end of January at the Davos World Economic Forum. The Cyprus CEO Survey is published for the first time this year. This year we had sufficient local participation that gave us the opportunity, for the first time, to publish the Cyprus results comparing them with the Global and Eurozone results.
CEOs in Cyprus seem to be more pessimistic about the future and less confident about the short term and medium term prospects for revenue growth in the their business compared with their counterparts globally and in the Eurozone. Economic growth forecast and uncertainty overwhelmingly influences their need for strategy change. They expect changes in their business strategy, they see cost reduction for existing processes as the area of innovation focus and they see opportunities for business growth in joint ventures and strategic alliances. They are particularly concerned about the inability to finance growth and the cost of energy. A majority believes that the priority of the government should be ensuring financial sector stability. Despite the difficult economic environment the vast majority continues to make direct investments in workforce development.