DAVOS, Switzerland, Jan. 25, 2011 /PRNewswire/ -- Two years removed from the depths of recession, CEOs' confidence in future growth has returned to nearly pre-crisis levels, according to PwC's 14th Annual Global CEO Survey. In the worldwide poll of 1,201 CEOs, 48% said they were "very confident" of growth in the next 12 months. That's a major shift from the 31% last year who were "very confident" last year and approaches the 50% reached in 2008 before the onslaught of the economic crisis.
See video from PwC at: http://inr.synapticdigital.com/PwC/CEOsConfidenceIsRestored
In total, 88% of CEOs said they now have some level of confidence for prospects in the next 12 months, up from 81% last year. Longer term, 94% now are confident of growth three years from now, an increase of two percentage points.
Renewed confidence was spread across all continents, with CEOs in India, Austria, Colombia, Peru, China, Thailand and Paraguay particularly upbeat about near term growth. Regionally, CEOs in Western Europe were the least confident. German CEOs were an exception, with nearly 80% of CEOs "very confident," up from about 20% last year. The survey results were released at the World Economic Forum annual meeting in Davos.
CEOs said they considered China the most important country for future growth. China was named by 39% of CEOs, followed by the US, 21%; Brazil, 19%; and India, 18%. And China, the US and India were seen as the most important future sources for products and raw materials. Regionally, 90% of CEOs said they expect their operations to grow in Asia in the next 12 months, followed by Latin America, 84%; Africa, 75%; the Middle East, 72%; and Eastern Europe, 70%. But just a third of respondents said the country in which they are based offers high growth potential.
Strategically, the best opportunities for growth in the next 12 months will come from the development of new products and services and from increasing share in existing markets, both cited by 29% of CEOs, and by penetration of new markets, 17%. Mergers and acquisitions and joint ventures and alliances trailed as growth strategies.
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SOURCE Synaptic Digital; PwC