Results published by PwC at the World Economic Forum in Davos show that nearly 60% of global CEOs expect faster economic growth over the next 12 months. The 28th Annual Global CEO Survey was conducted between October 1 and November 8, 2024, and surveyed 4,701 CEOs across 109 countries.
Workforce plans and sectoral differences
Forty-two percent of respondents plan to increase headcount within the next year. The strongest hiring intentions were reported in technology (61%), real estate (61%), private equity (52%) and pharmaceuticals and life sciences (51%). Only 17% of CEOs plan headcount reductions. According to the survey, generative artificial intelligence (GenAI) has tended to contribute to employment growth rather than widespread job losses.
Top risks: macro volatility, inflation and cyber threats
CEOs continue to cite macroeconomic volatility (29%) and inflation (27%) as the most frequent threats, followed by cyber risks (24%) and shortages of skilled labour (23%). Regional differences are pronounced: geopolitical conflict is the main concern in the Middle East (41%) and Central and Eastern Europe (34%), while inflation is the top issue in Africa (39%).
Need for renewal and steps taken
Some 42% of CEOs believe their company would not be viable in a decade if it continues on its current trajectory, primarily because of regulatory change. Many are already acting: across sectors, 63% of CEOs reported making at least one significant move in the past five years to transform how their company creates value. Among companies that pursued multiple reforms, 38% entered at least one new sector and one-third saw revenues grow by more than 20% over that period.
Nevertheless, renewal is progressing slowly. Around half of respondents said they reallocate at most 10% of their financial and people resources annually, while more than two-thirds reallocate less than 20%.
GenAI impacts: efficiency and profitability
CEOs who have deployed GenAI report tangible benefits: 56% saw efficiency gains, 34% experienced improved profitability and 32% saw revenue increases. These outcomes fall short of last year’s expectations: in 2023, 46% expected profitability improvements from AI, but only 34% now say those improvements materialised. Confidence in AI remains a barrier to broader adoption—only about one-third express high confidence in embedding the technology into core company processes.
Optimism about GenAI’s profitability effects is slightly higher than last year: 49% expect profitability to rise in the next 12 months. Roughly 47% anticipate integrating AI (including GenAI) into their technology platforms within three years, 41% plan to embed AI into core business processes, and 30% plan to use AI to develop new products and services.
The survey finds no indication that GenAI has caused widespread job losses globally; more leaders report that GenAI has increased headcount (17%) than reduced it (13%).
Climate investments and barriers
CEOs say climate-related investments over the past five years were six times more likely to increase revenues (33%) than to decrease them (5%). Nearly two-thirds reported that such investments reduced costs or at least did not materially increase them. The most cited barrier to these investments is regulatory complexity (24%), followed by lower returns (18%) and lack of leadership support (6%).
Methodology
PwC’s 28th Global CEO Survey was carried out between October 1 and November 8, 2024, across 109 countries with 4,701 CEOs participating. Global and regional figures are weighted by each country’s nominal GDP; sector and country figures are based on unweighted data from the full sample of 4,701 CEOs.
Conclusion
The PwC survey shows a majority of CEOs expect short-term growth and are preparing for GenAI-driven change, while significant macroeconomic, geopolitical and regulatory risks persist. Many companies have started transformation initiatives, but resource reallocation and the pace of integration remain limited in many cases.
