5/21/2023 0 Comments Outlook businessMergers & acquisitions (M&A) remain popular as well, with 84 percent of Singapore’s business leaders valuing innovation to build a cutting edge amid a globally competitive landscape.”ĬEOs are positioning to stay competitive despite recessionĮven as over half of CEOs globally (58 percent) anticipate the recession will be “mild and short”, three-quarters (75 percent) are predicting further disruptions to their businesses that can make it difficult to rebound from the pandemic. We are also seeing many positioning for long-term growth, such as in Singapore where about 80 percent of CEOs have indicated that their corporate purpose will have the greatest impact in building customer relationships over the next three years. Compared to previous years, CEOs now feel better prepared to weather short-term challenges with resiliency measures such as boosting productivity, managing costs and reconsidering digital transformation strategies to manage impacts. Ong Pang Thye, Managing Partner, KPMG in Singapore, said: “The findings from the KPMG 2022 CEO Outlook show that CEOs worldwide are displaying greater confidence, grit and tenacity in riding out the short-term economic impacts to their businesses – as seen in their rising confidence in the global economy and their optimism over a three-year horizon. Yet, these business leaders are confident that the global economy over the next six months remains resilient, with 73 percent indicating so, up 13 percentage points since early 2022 – indicating that CEOs around the world are looking towards the future and seeing opportunity in uncertainty. Majority of CEOs (Global: 71 percent Singapore: 80 percent) are also predicting that a recession will impact up to 10 percent of their anticipated earnings. These positive findings come even as 86 percent of CEOs globally anticipate a recession to hit in the next 12 months. In Singapore, CEOs are slightly more optimistic than their global peers at 72 percent. 4 October 2022, Singapore – The KPMG 2022 CEO Outlook, which asked more than 1,300 CEOs at the world’s largest businesses about their strategies and outlook, reveals that their confidence in the growth prospects of the global economy over the next three years has rebounded from February this year, rising 11 percentage points to 71 percent, the highest since the start of the pandemic in early 2020.
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