Cautious economic optimism
The survey, which interviewed 4,702 CEOs across 105 countries and territories, found that 38% of CEOs are optimistic about global economic growth prospects over the next 12-months, up from 18% in 2023.
The outlook of Belgian CEOs, however, reflects a nuanced perspective on economic prospects. While a significant portion of CEO's, 41%, expresses optimism regarding the global economy's improvement, an equal portion (40%) anticipates a decline. This conservative outlook at a global level is even less optimistic when it comes to Belgian CEOs’ confidence in the Belgian economy, with only 32% foreseeing growth and 24% expecting stagnation. While the overall trajectory is positive, confidence is fragile as megatrends including technological disruption and the climate transition converge.
Top concerns for Belgian CEOs
Macroeconomic volatility, inflation, and cyber risk are the top three threats that Belgian CEOs consider most important in the short term, but the perceived exposure to macroeconomic volatility and inflation fell by 15 percentage points (from 53% to 38%) and 28 percentage points (55% to 27%) respectively.
GenAI driver for change
Reflecting uncertainty about how they will manage megatrends, CEOs are more acutely aware of the need for fundamental reinvention of their business. Despite ever increasing volatility, business leaders are becoming less concerned about macroeconomic challenges. Fortunately, the impact of climate and technological change does cause concern and is compelling business leaders to reinvent their businesses. As technological development is and has been a constant driver for change in companies, the rise of GenAI in 2023 is pushing CEOs to adapt. The eagerness is great: over 80% of Belgian CEOs are convinced that GenAI will change the way their company creates, delivers and captures value in the next three years (compared to 70% at global level), but implementation is lagging - not even 1 out of 3 stated that GenAI has been adopted within their companies.
“As a country of tech enthusiasts, it’s no wonder the excitement for generative AI as a driver for change is greater in Belgium than the global average. While the appetite for implementing GenAI may be high, companies shouldn’t underestimate the impact and challenges for Belgium’s workforce. A successful transformation requires a clear analysis of the overall implications on businesses and effective change management. Failing to take that into consideration can result in companies missing out on the opportunities AI offers, and compromising their long-term future.”
Axel SmitsChairman* of PwC Belgium* Information correct at time of publication - January 2024
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