Chief executives across some 89 countries have expressed record high optimism about the prospects for the growth this year, according to the recently released findings of the PwC Global CEO Survey.

In the 25th edition of the global survey which fielded the responses of over 4,000 chief executive officers (CEO), more than three-quarters or about 77 per cent of the respondents expect that the global economy would see significant improvements this year — the highest on record since 2012 when CEOs were first asked to predict the economy’s potential.

The study noted that while it remains unclear as to how the latest wave of the novel coronavirus pandemic through the Omicron variant could impact optimism levels, general levels were found to be at its highest in large territories such as India, where 94 per cent of CEOs anticipate global growth in the coming year, up from 88 per cent last year. Optimism by Japan’s CEOs also went up 16 points to total 83 per cent and the United Kingdom, up fivr points climbing to 82 per cent. On the other hand, optimism in other territories such as the United States, Brazil, Germany and China saw declines in optimism as CEOs cite concerns for inflation and supply chain challenges which have become growing issues in those countries.

According to PwC Global Chairman Bob Moritz, the high level of CEO optimism found by the study speaks to the strength and resilience of the global economy and the ability of CEOs to manage through uncertainty.

“There is nothing ‘normal’ about the world we are working in, but we are getting used to it. We are seeing differences in confidence among countries, and there is no shortage of challenges to navigate, but it is encouraging that CEOs we spoke with on the whole feel positive about 2022,” he stated.

Affirming the sentiments Leighton McKnight, PwC Jamaica territory leader, said that the survey provides an important temperature check for the global growth outlook. “It’s encouraging to see that CEOs have remained positive despite the challenges brought on by the ongoing pandemic, with chief executives reporting record-high optimism,” he said.

The study found that while some CEOs were less sanguine about the global economy, they were comparatively confident about their own company’s growth prospects, with approximately 40 per cent of them indicating extreme confidence about achieving revenue growth this year. Private equity and technology firms were noted as being some of the most confident in this area. This, as both sectors continue to benefit from large capital inflows.

CEOs in the business of automotive and hospitality sector were, however, said to be more tepid in their outlook, as challenges with semiconductor (chip) shortages and the lingering effects of the pandemic continues to weigh on these businesses.

“It remains to be seen whether the pandemic trajectory will shift and present new constraints on some industries,” the study noted.

CEOs in highlighting potential threats to bottom line growth pointed to cyber-risks along with macro-economic volatilities including fluctuations in gross domestic product (GDP), unemployment and inflation as being chief among the top picks.

McKnight said that while some concerns were warranted, especially in light of the varied challenges which tend to differ across countries and sectors, there were still opportunities for businesses to leverage growth from the pandemic.

“Looking ahead, while there will certainly be unpredictable circumstances and challenges over the next 25 years, we believe companies built on a strong foundation of trust will be fortified and their CEOs best positioned to deliver sustained outcomes that contribute to long-term success,” Moritz also said.