Canadian CEOs confident despite uncertainty

More than a third (38%) of Canadian CEOs are confident of their company’s growth in the next 12 months, reveals PwC’s annual CEO survey. And 79% of that growth is expected to come from the U.S. — despite concerns about the new U.S. administration and its effect on business.

Read: Another year of challenges, or are things looking up?

Further, 59% say it’s tougher to compete amid growing protectionism worldwide.

Read: World Economic Forum urges reforms to stymie protectionism

“One concern is that [increased] uncertainty may reinforce our already conservative business culture,” says Bill McFarland, CEO at PwC Canada, in a release. “There may be a tendency to be more risk averse as Canadians, along with many of their global counterparts, wait to see what changes in the new U.S. government, China and the Eurozone will bring in an increasingly disrupted market.”

Read: Canadian firms expect U.S. growth despite uncertainty: BoC

The majority of Canadian CEOs (89%) also believe technology will completely reshape competition in their industry over the next five years. Yet, Canadian leaders are not prioritizing innovation (10% versus 23% globally) and don’t see the speed of technological change as a big threat to their growth prospects compared to their global counterparts (54% vs 70% globally).

In an increasingly digital-driven world, technology has created a new dynamic between business and customers — bringing significant benefits and risks for both. However, 69% of CEOs globally (46% in Canada) say it’s harder to gain and keep people’s trust in this new environment.

Read the full survey.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.