CEOs upbeat about future: Survey

Business Asia, Nov 2, 1998

Chief executive officers throughout the region remain optimistic that their businesses will experience growth despite current financial problems, according to a new survey.

And, most say, Asia itself is where the opportunity for growth is greatest.

The findings have been released from a survey conducted by PricewaterhouseCoopers and the World Economic Forum.

Nearly 300 CEOs from major companies in nine Asian countries participated in the poll.

Looking at their corporate growth prospects over the next three years, 15 per cent of the CEOs overall were "extremely optimistic" and 56 per cent were "somewhat optimistic". Japanese CEOs were far less likely than their Asia at-large counter-parts to register extreme optimism, and more likely to respond with caution.

However, even among Japanese CEOs, tempered optimism was the prevailing response on this issue of short-term growth.

PricewaterhouseCoopers chief executive officer Mr Jim Schiro said: "The attitude of CEOs in Asia seems to be one of steadfast confidence, which is interesting in light of the economic turmoil their countries are going through. We can only conclude that these CEOs see the light at the end of the tunnel."

World Economic Forum president Mr Klaus Schwab noted: "It is far from clear whether Asia has yet come through its financial crises. In this period of uncertainty it is a testament to the will, determination and ingenuity of these CEOs that they appear to be quite optimistic about future growth."

Where are the greatest opportunities for Asian companies to grow?

The answer, according to two thirds of the CEOs surveyed, is Asia itself. Only 13 per cent see Europe as offering the greatest opportunity, and 12 per cent see it in North America and Mexico.

"Clearly, CEOs in Asia see cross-border growth within Asia as a priority before expanding into global markets," Mr Schiro said.

The survey also found that CEOs in Asia see electronic business as revolutionising the way they will interact in the future with customers, suppliers and employees.