Which challenges are Global CEOs facing?



Global CEOs are optimistic about world economic growth in 2021, but they will face two of the biggest challenges ever.

A year has passed since Covid-19 was declared pandemic, global CEOs are expressing a record level of optimism about a global economic recovery.

 This is one of the main results of the 24th Global Business Leadership Survey of more than 5000 CEOs from 100 countries and regions around the world, from January to February.

Which challenges are Global CEOs facing?Which challenges are Global CEOs facing? / ph: pexels

 With 76% of business leaders predicting economic growth will improve in 2021, this rate has increased significantly from 22% in 2020 and 42% in 2019, and is the highest level of optimism recorded.  This question has been received since this question was put into the survey in 2012.

 North America and Western Europe recorded the highest percentage of CEOs optimistic about global growth, with 86% and 76% respectively.  The percentage for CEOs in Asia Pacific is 73%.

 The report said that in the past one volatile year, CEOs had to recognize and re-establish the operations and operating modes of the business, and at the same time resolve concerns about the balance sheet, support  the staff overcame a difficult situation.

 Existing CEOs are faced with two fundamental challenges.  First, when expectations are increasing, how businesses can build trust with their stakeholders.  Second, how can businesses adapt, bring sustainable results in the rapidly changing business environment.

 When these problems are solved, businesses overcoming pandemics will become strong, resilient and efficient, and increase their resilience to future shocks.

Notably in this survey, the proportion of business leaders expressing concerns about climate change increased from 24% (in 2020) to 30% by 2021.

39% of CEOs surveyed believe that their businesses need to do more to measure their environmental impact.  43% think that firms need to be more active in reporting on environmental impacts.  This is the area that CEOs are most interested in regarding corporate disclosure reports.

This information is key to driving the necessary changes towards a carbon-balance economy.

However, 60% of business leaders have yet to incorporate climate change risks into their strategic risk management, a worrying fact is that climate change poses an increasing risk of material risks, resources and transformations for businesses.

 While 23% of CEOs are planning to increase investments in sustainability initiatives, nearly a third of CEOs currently do not plan to change.

 According to judgment, there has never been such great demand for businesses to solve social problems together.  Stakeholders such as customers, investors, policymakers and society as a whole are expecting businesses to fulfill this responsibility.

 Businesses need to make every effort to meet that expectation.  This is very important, from a social and commercial perspective.  And if they do not, businesses face the risk of losing the trust of their stakeholders, the opportunity to access capital and even their operating license.

Which challenges are Global CEOs facing?

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