Diminishing CEO fears, cautious optimism for 2024

By: Trademagazin Date: 2024. 02. 15. 15:09

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54% of CEOs also trust in the improvement of the growth rate of the global economy, 60% of them in the domestic economy, according to the 13th PwC Hungary CEO Survey. More than half of the companies (58%) plan to raise prices and more than a third (36%) plan to increase the number of employees this year, and four out of ten company managers admit that their company’s business model and processes need to be changed in order to survive in the long term. Hungarian business leaders expect 394 forint euros, 1.7% GDP growth and 8% inflation by 2024.

Personal interviews with 297 Hungarian business leaders show that after last year’s record pessimistic year, the majority expects an acceleration: 54% believe in the strengthening of the pulling power of the world economy, and 60% believe in the acceleration of the growth rate of the Hungarian economy. 22% predict a slowdown both globally and in Hungary, compared to last year’s 76% and 85%. This year is the first time in the history of the survey that Hungarian business leaders are more optimistic about economic growth than they are about the development of their own incomes. The proportion of those who believe in the growth of their company in 2024 fell to the level of 47% measured in 2012.

Among the external, threatening factors, the majority (51%) still fear the impact of inflation. This is followed by the lack of skilled labor (48%), followed by macroeconomic volatility (37%), geopolitical conflicts (36%) and cyber risks (35%) with almost the same results. Compared to 2023, the feeling of exposure to macroeconomic volatility and geopolitical conflicts decreased to the greatest extent, but the concern among company managers about the effects of climate change and the risks caused by cyber attacks did not change.