PwC CEO Survey

Redefining business success

How CEOs lead in a changing world

19th Annual Global CEO Survey - Key findings in Cyprus

80

CEOs in Cyprus

85 %

of CEOs are confident about their company's prospects for revenue growth over the next 12 months

76 %

of CEOs are concerned about geopolitical uncertainty

53 %

of CEOs believe that today there are more growth opportunities than there were 3 years ago

Foreword from our CEO

PwC’s 5th local CEO survey comes at a time of positive developments for the Cyprus economy.The return to growth, the upgrading of Cyprus’ credit ratings and the anticipated exit from the three-year bailout program, coupled with the progress in doing business recorded in international reports, all confirm the significant improvement in the economic climate. The goal of sustainable growth is now more tangible and realistic than ever before.

These developments are also reflected in the broader confidence expressed by the 80 CEOs from Cyprus who took part in the 19th Annual Global CEO survey. The survey’s sample consisted of a total of 1,409 CEOs in 83 countries. As you will read in the report, even though CEOs in Cyprus share the concerns of CEOs globally regarding the outlook of the global economy, the overwhelming majority (85%) remains confident about their own company’s prospects for revenue growth over the next 12 months. This confirms the positive sentiment in the local business community, as a result of the significant economic progress achieved in the past year.

Even though our economy is entering a new phase, there is still a lot to be done. We need to continue our efforts with the same intention to become more competitive through structural changes and a comprehensive growth plan. In addition, we should focus on actions to eliminate bureaucracy and over-regulation in order to remove all barriers in attracting investors. In this context, we need to create the conditions that will lead to a friendly business environment. This is the only way to achieve sustainable growth. At the same time, local businesses that have responded and survived, need to find their way to growth through the restructuring of their balance sheets and the implementation of clear strategies based on their competitive advantages. We are proud of the fact that, for yet another year, we have had the honour to provide business leaders of some of the largest organisations in Cyprus an opportunity to share their views and estimations.

We would like to thank them all and every single one of them as well as Mr Constantinos Petrides, Under Secretary to the President of the Republic of Cyprus for the precious time they have dedicated to identify the challenges and opportunities faced by the business community and the State. Our venture would not have been possible without their valuable contribution. We hope that you will find the results and the views of the CEOs who participated in the survey interesting.

Enjoy the read!

Evgenios C Evgeniou, CEO, PwC Cyprus

Highlights

Opportunities and threats facing businesses

To what extent do you agree or disagree with the following statements about threats and opportunities facing your business?

Economic, Policy, Social and Environmental threats

How concerned are you about the following potential economic, policy, social and environmental threats to your organisation’s growth prospects?

Business threats

How concerned are you about the following potential business threats to your organisation’s growth prospects?

Global economy growth prospects

Do you believe global economic growth will improve, stay the same, or decline over the next 12 months?

Revenue Growth Prospects over the next 12 months

Revenue Growth Prospects over the next 3 years

Changes in the Headcount

Do you expect headcount at your company to increase, decrease or stay the same over the next 12 months?

19th Annual Global CEO Survey - Key findings in Cyprus

Interview with Mr Constantinos Petrides, Under Secretary to the President of the Republic of Cyprus or read the full transcript here.

Conclusion

According to the conclusions of our local survey, CEOs in Cyprus see opportunities for growth, but are concerned about geopolitical uncertainty, bribery and corruption. The results reflect a rising confidence among CEOs regarding their own company’s prospects for revenue growth over the next 12 months. On the other hand, they appear to be more restrained when it comes to the outlook of the global economy which, in their view, will stay the same.

Through the CEOs, we examine the important role of technology and innovation, the role of the stakeholders and how they affect corporate decisions, the workforce as well as the benefits and incentives that are necessary in order to stay loyal to their company. Finally, we examine the priorities and relevant efficiency of the State.

There is no doubt that in this rapidly changing international environment, CEOs need to strike the right balance between what they aim to achieve for their business and global market trends. But beyond percentage rates and surveys, what matters for CEOs is to be able to trust their instinct, experience, knowledge and talent in order to envision their company’s future. Innovation must play a pivotal role in this process, as it drives companies to launch new products or services ahead of their competitors, increasing profitability. Moreover, innovation is what distinguishes a leader from those who simply follow.

So let’s be more creative and daring. Let’s dare change our business culture, be receptive to change and view things from a different perspective. It would indeed be interesting to see how this transformation could affect the strategy of CEOs and impact the changes they plan to introduce in their business in order to respond to the signs of the times..

 

This is only a 60 seconds overview of the survey results

Click Below To Download The Surveys




Redefining business Success - How CEOs lead in a changing world -  Key findings in Cyprus - in English

Download

Redefining business Success - How CEOs lead in a changing world -  Key findings in Cyprus - in Greek

Download

Learn more and download the Global CEO Survey

Download