The CEOs of Bangladesh are concerned about long-term viability and profitability of their businesses without critical transformation, though more than half of them hope their businesses will grow in the year ahead, according to a survey by PwC.
The survey also stated that 53% chief executive officers surveyed in Bangladesh are confident that their business will grow in the year ahead, but they see inflation, macroeconomic volatility and geopolitical tensions as top threats.
However, less than 50% of CEOs are optimistic about the long-term economic viability of their businesses and think their current business model will be viable for more than 10 years.
This is lower than global findings where 59% of CEOs worldwide believe that their businesses will last more than ten years.
PwC Bangladesh recently published the Bangladesh perspectives of the PwC’s 26th Annual Global CEO Survey, which polled 4,410 CEOs in 105 countries in October-November 2022, including 32 CEOs from Bangladesh.
The global report, launched earlier this year, offers an insight into how CEOs are navigating the most pressing issues of the day.
In contrast with their global peers, CEOs in Bangladesh are more concerned about the ongoing global supply chain disruption than regulatory changes due to the country’s significant reliance on import of raw materials as well as strong dependence on exports and remittances.
Technological disruption, regulatory changes, skill shortages, the threat of new entrants and transition to new energy sources are also believed to have significant impact on business profitability, the survey reveals.
Though CEOs are attempting to boost revenue growth by diversifying offerings, increasing prices of products and services, and reducing operating cost to minimize the economic challenges, cutting jobs or pay is still not high on their agenda, the survey finds.