LAGOS – Despite socio-political uncertainties of most African countries, the continent’s business leaders are pushing to maximise growth opportunities through technology, data and innovative ways.
Though most Chief Executive Officers (CEOs) are less optimistic about the strength of the global economy and their organisations’ ability to grow revenues in both the short and medium term than they were a year ago, some of them still sees great opportunities in the long term, this is according to recently released PwC Africa Business Agenda Report.
A quarter of African CEOs (25%) believe that the global economy will decline over the next 12 months.
These are some of the key findings from the 7th edition of PwC’s Africa Business Agenda 2019 report, launched at the biannual World Economic Forum on Africa in Cape Town today.
The unease about global economic growth is also dampening CEOs’ confidence about their own companies’ outlook in the short term, with 27% of CEOs stating they are ‘very confident’ in their own companies’ prospects for revenue growth over the next 12 months. Furthermore, only 39% are ‘very confident’ about their organisations’ growth prospects over the next three years.
Dion Shango, CEO for PwC Africa, commenting on the survey findings, says: “As they look forward to the year ahead, African CEOs are less confident about the prospects for the global economy than they were a year ago. The same is true when they consider the prospects for their own organisation’s growth.
“In Africa, economic and policy uncertainty, among other issues, have cast some doubt upon business leaders’ hopes for immediate and future growth. Although there is a drop in optimism, African business leaders do see some opportunities on the continent – but overall, they are playing it safe.”
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