PwC published the Turkey results of its Global CEO Survey, which focuses on the effectiveness of the steps taken towards transformation at a time when many companies around the world are facing existential threats. The results of the research, which was held for the 27th time this year and in which 62 CEOs from Turkey participated, reflect a more optimistic picture compared to last year.
CEOs in Turkey are more hopeful about the future of the global economy (15 percent) compared to last year (27 percent). Although pessimism about global economic growth has given way to optimism, the proportion of those who think that the global economy will decline is still significant (47 percent).
CEOs in Turkey have higher confidence in their companies' revenue growth potential in the next 12 months than global CEOs this year, as in previous years. The question asked within the scope of the research was "How confident are you in your company's revenue growth potential in the next 12 months?" The level of trust that the question seeks to answer has increased from 47 percent last year to 50 percent this year among CEOs in Turkey. When the same question was asked for the next three-year period, the confidence level reached a high level of 68 percent.
PwC Türkiye Senior Partner Cenk Ulu, in his evaluation of the results of the research in Türkiye, said the following:
“Turkey results of our 27th Global CEO survey, which we conducted as PwC, clearly show the optimistic approach of CEOs in our country this year. Despite the pessimism that we saw last year at a record level, there is a more optimistic picture this year. According to the results of our research, business leaders are aware of how powerful the waves of change are and that they need to adopt a more transformational approach if their companies are to survive for many years to come. With the improvement in the global economy, the continuous innovation brought by rapid change affects the business world. Removing internal obstacles to the necessary transformation and using resources more flexibly can support companies on this journey. Again, we see that the CEOs in our country are more optimistic than last year, unlike global CEOs. We can say that this situation, which we always see in our global CEO research, is due to the fact that Turkish CEOs are agile and more experienced in managing the crisis environment.”
Within the scope of the research, the question posed to CEOs was "What important threats do you think your company will be exposed to in the next 12 months?" Inflation comes first in the answers to the question. Inflation is followed by macroeconomic turmoil (56 percent), cyber risks (44 percent), geopolitical conflicts (27 percent) and climate change (16 percent).
CEOS IN TURKEY ARE TAKING ACTION AGAINST CLIMATE CHANGE
Concerns about climate risks for the next 12 months have decreased slightly compared to last year. In contrast, CEOs think climate change will increasingly impact their business models. While many CEOs say that they are making progress in decarbonization, it is noticeable that other climate-related actions are lagging behind. According to CEOs in Turkey, the biggest obstacle to companies' decarbonization is the lack of climate-friendly technologies in their sectors (27 percent), followed by the complexity of regulations (20 percent).
CEOS BELIEVE IN THE TRANSFORMATIVE POTENTIAL OF ARTIFICIAL INTELLIGENCE
Although the use of productive artificial intelligence and its integration into strategy is limited, CEOs expect the impact of artificial intelligence to increase in the coming period. CEOs participating in the research from Turkey think that both the adoption rate and transformation potential of productive artificial intelligence are very high.
Almost 10 out of 7 CEOs participating from Turkey think that productive artificial intelligence will increase competition, change business models and create a need for new talent in the next three years.
More than 60 percent of CEOs both in Turkey and around the world think that productive artificial intelligence will increase the productivity of employees in the company in the next 12 months.
The rate of CEOs in Turkey who say that artificial intelligence has been adopted in their companies is 31 percent, and the rate of those who say that they have changed their technology strategies accordingly is 37 percent.
The biggest concern of CEOs in Turkey about artificial intelligence is cyber security risks (63 percent), followed by the spread of misinformation with 44 percent.
THE BIGGEST OBSTACLE TO TRANSFORMATION IS FINANCIAL RESOURCES
For CEOs in Turkey, the most important obstacle to transformation is limited financial resources (39 percent), followed by the regulatory environment (34 percent). Lack of talent is a significant obstacle to reinvention and transformation for CEOs in Turkey. When CEOs were asked about the obstacles they frequently encounter in large-scale corporate transformation efforts, their answers show that many obstacles are industry-specific.
The markets where CEOs in Turkey expect growth are the USA, Germany, China, Saudi Arabia and the UK. The top four countries in the markets where growth is expected for global CEOs are the USA, China, Germany and the UK, as in the last two years. India ranks fifth in the global rankings, continuing to rise as an important power in the world economy.
To reach the report results;
PwC Global CEO Survey
PwC Global CEO Survey Türkiye results
