Cyprus CEOs more con­fi­dent than global coun­ter­parts

Financial Mirror (Cyprus) - - FRONT PAGE -

CEOs in Cyprus are more con­fi­dent about their com­pany’s prospects for rev­enue growth, ac­cord­ing to the lo­cal find­ings of PwC’s 19th An­nual Global CEO Sur­vey, “Re­defin­ing busi­ness suc­cess”.

Eighty busi­ness lead­ers of some of the largest or­gan­i­sa­tions in Cyprus par­tic­i­pated in the fifth con­sec­u­tive lo­cal sur­vey, while the global sur­vey sam­ple con­sisted of a to­tal of 1,409 CEOs in 83 coun­tries.

Ac­cord­ing to the lo­cal sur­vey, even though CEOs in Cyprus share the con­cerns of their coun­ter­parts as re­gards the out­look of the global econ­omy, the vast ma­jor­ity re­main con­fi­dent about their own com­pany’s prospects for rev­enue growth over the next 12 months.

More specif­i­cally, 20% said they were very con­fi­dent and 65% some­what con­fi­dent, com­pared with 14% of the CEOs who said they are not con­fi­dent. As re­gards the global eco­nomic growth, 49% of CEOs in Cyprus ex­pect that it will re­main the same, while 19% an­tic­i­pate that it will de­cline, in con­trast to 33% who be­lieve that it will im­prove over the next 12 months.

On a global level, CEOs are less op­ti­mistic about the fu­ture of the global econ­omy com­pared to 2015. The same ap­plies to prospects for rev­enue growth, with just 35% say­ing they are very con­fi­dent, as op­posed to last year’s 39%.

An­other key fac­tor is that 53% of Cyprus CEOs see op­por­tu­ni­ties for growth, whereas CEOs glob­ally with a per­cent­age of 66% see more threats than op­por­tu­ni­ties than three years ago.

When it comes to the threats, 76% of Cyprus CEOs are con­cerned about the geopo­lit­i­cal un­cer­tainty in the re­gion, while 70% are equally con­cerned about the Eu­ro­zone debt cri­sis. The state’s re­sponse to fis­cal deficit and debt bur­den is also a source of con­cern for 69% of par­tic­i­pants in Cyprus, while an equal num­ber of par­tic­i­pants are con­cerned about the over-regulation af­fect­ing their field of ac­tiv­ity. Fur­ther­more, 65% of CEOs con­sider bribery and cor­rup­tion a ma­jor threat to their com­pa­nies’ fu­ture, when the cor­re­spond­ing fig­ure in the Eu­ro­zone is just 38%.

“The con­fi­dence ex­pressed by CEOs comes at a time of pos­i­tive de­vel­op­ments for the Cyprus econ­omy, such as the re­turn to growth, the up­grad­ing of credit rat­ings and the exit from the three-year bailout pro­gramme, as well as the progress in do­ing busi­ness recorded in in­ter­na­tional re­ports,” said PwC Cyprus CEO Ev­ge­nios Ev­ge­niou.

“Even though there is still a lot to be done the sur­vey find­ings af­firm that our coun­try is en­ter­ing a new era. The aim of vi­able growth, both for the busi­nesses that are the back­bone of eco­nomic ac­tiv­ity in Cyprus and the econ­omy as a whole, is to­day more fea­si­ble and re­al­is­tic than ever.”

The lo­cal find­ings of the 19th An­nual Global CEO Sur­vey were pre­sented by Philip­pos So­sei­los, Part­ner in charge of con­sult­ing at PwC Cyprus, dur­ing an event in Nicosia, joined on the panel by Bank of Cyprus Group CEO John Pa­trick Hourican, Dr. An­dreas Pittas, Ex­ec­u­tive Chair­man of Me­do­chemie, and Con­stanti­nos Petrides, Un­der Sec­re­tary to the Pres­i­dent.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.