Good morning.
I hesitate to summarize the zeitgeist of Davos on Day 1, but it seems clear the CEOs gathered here are all focused on some version of the same question: How do you batten down for a recession in the short-term while still doing what’s necessary to transform your company for the future?
That sentiment was reflected clearly in PwC’s annual survey of more than 4,000 global CEOs, out this morning. They are more pessimistic about the economy than they’ve been in a decade, with 73% expecting a decline in the year ahead—a dramatic reversal from last year when 77% expected improvement. But here’s the finding that caught my attention: Asked whether they think their company will be viable a decade from now “if your company continues running on its current path,” a full 40% of the CEOs answered “no.”
