Chief executives worldwide expect global economic growth to improve over the next 12 months, according to PwC’s 28th Annual Global CEO Survey, released at the World Economic Forum Annual Meeting.
PwC also found that insurance and reinsurance executives were more confident in their companies’ revenue growth over the next year, with 56% expressing confidence compared to 38% of all CEOs globally.
However, insurance industry leaders were twice as likely to identify climate change as a major risk, with 30% citing high exposure compared to the global average of 14%.
The survey, which polled 4,701 CEOs across 109 countries and territories, including Bermuda and the Caribbean, found that 58% anticipate economic expansion.
The survey also showed that 42% of respondents expect to increase headcount by at least 5% in the coming year, compared to 17% who anticipate workforce reductions. This marks an increase from 39% last year who projected staff expansion.
Among financial services executives, 64% believe the global economy will experience growth in the next year. In the Caribbean, that figure rises to 67%, reflecting a similar level of optimism in the region.
Recently, PwC also pointed to Bermuda as a leading hub for reinsurance innovation and resilience. The Association of Bermuda Insurers and Reinsurers (ABIR) reported a record contribution of over US$1 billion to Bermuda’s economy in 2023, marking the highest annual economic impact in the organization’s 31-year history.
Arthur Wightman (pictured above), territory leader at PwC Bermuda, said businesses must rethink how they create value to remain competitive.
He noted that companies globally and in Bermuda must adapt to technological change and emerging opportunities.
Despite overall optimism, macroeconomic volatility (29%) and inflation (27%) were identified as the top risks for businesses in the year ahead.
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