MORE Asia-Pacific CEOs are bullish about the next 12 months' revenues, compared with their counterparts globally. Whereas only 21 per cent of CEOs globally feel very confident of their revenues improving over the next year, about a third of Asia-Pacific head honchos expressed the same level of confidence.
This finding is from the latest Annual Global CEO Survey conducted by international audit and tax firm PricewaterhouseCoopers. PwC surveyed 1,124 CEOs globally over 50 countries, including 276 from Asia-Pacific during the last quarter of 2008.
PwC global chief executive Samuel DiPiazza Jr. said: 'Despite the challenges imposed by the global financial crisis, Asia Pacific business eladers are still focused on long term growth. While ongoing market volatility and diminished sources of funding have dampened economic forecasts, the growth potential of emerging and developing markets in the region remains strong.'
However, signalling that the recession has well and truly hit the Asian economies, the confidence levels marked a dramatic decline from those polled in the 2007 survey.
While the latest survey showed that about a third of Asia-Pacific CEOs were confident of revenue growth, in 2007 that number was much higher, at 56 per cent. Similarly, this time round only 21 per cent of CEOs globally felt confident of their revenue growth, compared with 50 per cent previously.
Among Asia Pacific CEOs, their top concern was the impact of a long drawn-out recession among the world's major economies on their growth. Four out of five respondents said that they were worried that further disruptions in the capital markets could adversely affect their business growth.
However, practically all the Asia Pacific CEOs say that to sustain long-term growth, they need to attract and retain key talent. They also say that high quality customer service offerings as well as brand strength and reputation are vital to ensuring long-term growth.
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