By Natassa Stasinou

 

 

The energy crisis will probably lead global economy to recession. However recession will be mild and will not last long. That is what the majority of CEOs believe according to a KPMG survey. Greek CEOs are among the most optimistic ones. 82% of them feel confident about the growth prospects of our country in the next three years, while Greek companies give a great emphasis on the social aspect of ESG. Uncertainty is putting hiring plans on hold, but is also making companies realize that they need to change, in order to adapt to this new challenging environment. The digital transformation process is considered to be vital. 

 

According to the survey, today's CEOs both in the world and in Greece recognize that long-term growth will require a continuous commitment to promote change in their organizations. Expanding ESG initiatives, investing in digital transformation and addressing the effectiveness of emerging workplace models remain important priorities.

 

Only 12% of Greek senior executives (and 14% globally) identify recession as the most pressing concerns today - up slightly from early 2022 (9%). While pandemic fatigue tops the list (15%) for CEOs worldwide, for Greece top of the list is climate change.

 

Only 1 in 4 (24%) Greek CEOs expect Greek economy to fall in recession during 2023, while globally the percentage is 85%. 46% of Greek CEOs (and 71% globally) predict that a recession would affect corporate profits up to 10%. 64% of Greek CEOs (and 76% worldwide) have already taken precautionary measures in view of the impending recession.

 

With the ongoing economic turbulence, there are signs that the Great Resignation “movement” may be abating, with 28% of Greek CEOs (and 39% of CEOs worldwide) already implementing a hiring freeze. 32% of CEOs in Greece (and 46% worldwide) consider reducing the workforce in the next 6 months. However, the three-year outlook appears more optimistic, with Greeks expecting no further decline in the number of employed.

 

In the longer term, more than a quarter believe that promoting the digitization and connectivity of businesses is also vital to achieving growth targets over the next 3 years. 74% of Greek and global CEOs also agree that their organization's strategic investments in the digital and ESG sectors are inextricably linked.

 

Geopolitical uncertainties will likely continue to influence strategies of companies, with 72% of Greek CEOs adjusting or planning to adjust their risk management processes.

 

Investments are linked to growth and 48% of Greek CEOs report that they need to shift investments faster towards digital opportunities and divest sectors that face the risk of becoming digitally obsolete. 76% of Greek CEOs plan to invest up to 10% of their revenues with the aim of making their businesses more sustainable.