Nearly two-thirds of Indian companies' CEOs expect a steady or positive global economic outlook over the next three to five years, despite present challenges and sombre macroeconomic projections for 2023, according to a research report released on Thursday. The research by strategy and management consulting firm Arthur D Little also highlighted that the CEOs who are keen on growth despite the crisis as half (of them) believe they will expand into new regions, while 30 per cent anticipate growing faster than the overall market.
As many as 250 CEOs of businesses with annual sales of at least $1 billion were interviewed for the firm's 2023 CEO Insights research, of which 33 per cent of the Indian CEOs surveyed had an optimistic view about the economic outlook over the next 3-5 years, quite above the global average of 22 per cent, as per the report. These include 21 CEOs of the Indian companies, according to the research organisation.
The research report shows that CEOs of the largest corporations in the world remain upbeat despite the current economic unrest. It said that a quarter of CEOs in North America, 10 per cent in Asia, and 38 per cent of CEOs in Europe's top five economies -- France, Germany, Italy, Spain, and the UK -- expect to see a positive economic outlook over the next three to five years.
At the same time, as much as 60 per cent of Indian CEOs intend to increase spending and 33 per cent aim to maintain spending levels as they anticipate growth with 75 per cent of Indian CEOs looking to beat or meet market growth, according to Arthur D Little. Even cautious CEOs anticipate increasing growth investments, with 40 per cent planning to raise spending and 55 per cent holding expenditures steady, it stated.
"Our research reveals that Indian CEOs are more optimistic about the future than their global counterparts. They look past the current crisis to embrace a more promising future for their businesses with over 90 per cent of Indian CEOs increasing or maintaining growth investments," said Barnik Chitran Maitra Managing Partner, Arthur D Little.
