Asian CEOs hopeful even as global mood continues to darken, PwC survey shows

Asian business leaders are more optimistic over the coming year’s economic outlook than global counterparts, though all stand more worried than this time last year, according to a survey by PwC.

Half of Asia-Pacific chief executive officers think global growth will improve over the next 12 months, compared to 42 per cent worldwide, according to the survey.

That is not to say, however, that optimism reigns among the region’s business leaders.

Overall, optimism has faded from last year, when 57 per cent of executives believed the economy would improve.

In North America, only 37 per cent said they were optimistic, compared to 62 per cent last year. In the Middle East, 28 per cent responded as optimistic, compared to 52 per cent in 2018.

Last year marked the start of the ongoing trade war between the US and China, which has continued into 2019 alongside issues such as Brexit and a US government shutdown, all of which are playing on a downbeat sentiment.

“Although trade conflicts, policy uncertainty and unclear economic prospects keep APAC executives awake at night, they have started to look for new growth opportunities and are responding with agility,” said Raymund Chao, chairman of PwC Asia Pacific and Greater China.