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That said, we believe a global recession is unlikely.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 13:47:00+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd951-dfa2-7185-b39f-ceeca31f7daa", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.05 }, "kind": "paragraph", "text": "9 | 23rd Annual Global CEO Survey", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:39.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1780f6f5-983e-4e81-a9a3-9432a9a56240", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.53, "y": 0.89 }, "kind": "paragraph", "text": "Jenny Sofian\nCEO of Fullerton Fund Management, Singapore", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:39.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2454620-c70a-4779-9b62-69aafa49f340", "parentComponentId": null }, { "bbox": { "h": 0.82, "w": 0.43, "x": 0.53, "y": 0.06 }, "kind": "quote", "text": "Overall, we expect most regions to see a slowdown in growth due to weakened global sentiment. That said, we believe a global recession is unlikely. In particular, we remain optimistic about Asia, which has consistently demonstrated strong growth, almost double that of the Western world. Asian economies are also benefitting from supportive government policies to encourage regional cooperation and to promote growth. Economies need to brace themselves for the shifts brought about by the technology wave. There is an imminent need to start building ecosystems focused on infrastructure and upskilling the workforce. Those economies which are actively developing their digital technologies and connectivity will find themselves primed to better capitalise on opportunities in the region.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:39.002+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa2d8a3f-fb0d-401f-8f86-dd57b55d5520", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Overall, we expect most regions to see a slowdown in growth due to weakened global sentiment. 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Despite it being just outside the survey’s ranking of top ten threats, the share of CEOs citing it as an ‘extreme concern’ rose from 19% to 24%. 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North America CEOs still regard cyber threats as the leading threat to their organisation's growth prospects. In Western Europe, it's over-regulation again. 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Policy uncertainty and over-regulation also appear on every region's list, as they did last year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:43.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2876a61-86d7-4c25-a67d-41ad2fc38f2d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.33, "x": 0.62, "y": 0.29 }, "kind": "quote", "text": "On a global level, tensions between the great powers have created uncertainty. There are geopolitical issues too. Some people would say we are in a 'deceleration trend,' especially in terms of demand, which hits us directly. What does this mean? That we must be efficient in order to grow.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:43.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcda43b3-7138-46b6-95ce-5519aadcff58", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "On a global level, tensions between the great powers have created uncertainty. There are geopolitical issues too. 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However, US CEO reactions are fairly muted compared with those of last year. 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(showing only responses from CEOs 'extremely concerned' about trade conflicts)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:44.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46e63778-dcd8-4d70-a51b-1dfd27f12e9c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "China CEOs, on the other hand, continue to vigorously shift their growth strategy (58%) and, increasingly, their production (63%) to alternative territories.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 13:46:58+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd951-dfa2-7185-b39e-a05b6551cc1b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.65, "x": 0.324, "y": 0.34 }, "kind": "chart", "text": "Grouped bar chart showing responses for China and US CEOs across four categories for 2019 and 2020.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:44.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5944c7e-1928-456a-8bfb-ed577285776e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.324, "y": 0.89 }, "kind": "disclaimer", "text": "Source: PwC, 23rd Annual Global CEO Survey. Base: Respondents who answered 'extremely concerned' about trade conflicts (China 2020=43; 2019=52; US 2020=70; 2019=53)", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:44.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53cc2b71-4934-4864-b656-6fcc0408df44", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.324, "y": 0.345 }, "kind": "legend", "text": "2019 (yellow), 2020 (orange)", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:44.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4282e678-6f27-4fd9-bf4d-6f27c1b9b35b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Percentage of CEOs: 63%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 13:46:58+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd951-dfa2-7185-b39e-a4a92494d0ec", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.25, "x": 0.045, "y": 0.135 }, "kind": "paragraph", "text": "China CEOs, on the other hand, continue to vigorously shift their growth strategy (58%) and, increasingly, their production (63%) to alternative territories. Which is not surprising, given that China exports far more to the US than the US exports to China. This shift in growth strategy has also benefitted a number of nations in Southeast Asia, as well as Australia. In fact, Australia has leapfrogged France and Brazil in the survey's ranking of top growth territories based on China CEOs' massive shift away from the US (see Exhibit 8). Two years ago, China CEOs regarded the US as their most important growth market by far; 59% of China CEOs listed it as a top three growth destination. 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We have more than 1,500 open job requisitions in the US alone, and sometimes 100 applications for every opening. But we don’t have nearly enough qualified applicants to hire because of the technical knowledge required. 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Some of these interviews are quoted in this report, and more extensive transcripts can be found on our website at https://www.strategy-business.com/inside-the-mind-of-the-ceo.\n\nThe research was undertaken by PwC Research, our global centre of excellence for primary research and evidence-based consulting services.\n\nhttps://www.pwc.co.uk/pwcresearch", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:07:58.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c2acec0-7e58-433b-bd43-a06c2f90e042", "parentComponentId": null }, { "bbox": { "h": 0.445, "w": 0.215, "x": 0.279, "y": 0.137 }, "kind": "paragraph", "text": "PwC surveyed 3,501 CEOs in 83 territories in September and October 2019. 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