CEOs in Cyprus more confident about prospects for global economic growth

PwC presented the local findings of the 20th Annual Global CEO Survey 

CEOs in Cyprus appear confident about the course of the global economy according to the local findings of PwC’s 20th Annual Global CEO Survey. 

PwC carried out the local survey for the 6th consecutive year, with the participation of 89 CEOs in Cyprus. It is worth noting that this year’s global survey was carried out in 79 countries with the participation of almost 1,400 CEOs. 

The survey shows that CEOs in Cyprus appear more optimistic about the prospects for global economic growth compared to last year. Specifically, 36% of CEOs in Cyprus expect an improvement over the next 12 months (compared with 33% last year), 37% expect it to stay the same, while 24% believe there will be a decline. 

Furthermore, CEOs are confident over their company’s prospects for revenue growth over the next 12 months. Despite recording a small decrease, from 85% to 83%, the percentage of CEOs in Cyprus who are ‘‘very confident’’ has increased significantly. More specifically, 31% say they are very confident (from 20% last year), 52% somewhat confident and 17% not confident. 

The survey also shows that all CEOs intend to focus on organic growth and on reducing costs in order to boost their profitability, while 46% of Cyprus’ CEOs expect headcount at their company to increase over the next 12 months. It is worth noting that CEOs in Cyprus state that Greece is the most important country for their overall growth prospects, followed by the United Kingdom and Russia. 

Geopolitical uncertainty was identified by CEOs in Cyprus as the issue that raises most concerns with a percentage of 79%; a marginal increase on last year. In addition, 67% of Cypriot participants are worried about the future of the Eurozone, in comparison with 75% of Eurozone CEOs. The main threats identified by CEOs also include uncertain economic growth with 60% and over-regulation with 58%. On a global level, the specific percentages are 82% and 80% respectively. As regards business threats, 46% of CEOs in Cyprus are especially concerned about new market entrants, while 44% see the speed of technological change as one of the biggest threats. 

The findings of the 20th Annual Global CEO Survey were presented at an event that took place on Thursday, 9 March 2017, by Mr Philippos Soseilos, Partner, Head of the Consulting at PwC Cyprus. The presentation of the results was followed by a discussion with the participation of PwC Cyprus CEO Mr Evgenios Evgeniou and the CEO of Bank of Cyprus, Mr John Patrick Hourican, who participated in the global survey by providing an in-depth interview. 

Commenting on the findings of the local survey, PwC Cyprus CEO Mr Evgenios Evgeniou said: “The successful completion of the economic adjustment programme in combination with the upward course of the Cyprus economy contributed to the confidence among the CEOs of Cypriot businesses. Despite all this, in an environment that is constantly changing, the challenges remain. It is important therefore that companies concentrate on and invest in technology and the skills of their human resources, and to adapt to the needs of the market, creating competitive advantages which will prepare them for the future.” 

The findings are available on the website www.pwcceosurvey.com.cy

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