Here's how CEOs Are Strategizing to Face the Threat of a 2023 Recession

Economics & Macro

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Adi Ahdiat 19/01/2023 16:30 WIB

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Amidst numerous gloomy predictions about the global economy, the majority of CEOs intend to cut operational costs and diversify their product offerings in 2023.

CEO's Strategy in Facing Economic Challenges in the Next Year (January 2023)

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Here's how CEOs Are Strategizing to Face the Threat of a 2023 Recession

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CEO's Strategy in Facing Economic Challenges in the Next Year (January 2023)

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According to projections from several international institutions, 2023 will be a challenging year.

The World Bank, for example, projects that global economic growth will weaken from 2.9% in 2022 to 1.7% this year.

"Economic growth will slow sharply due to high inflation, higher interest rates, reduced investment, and disruptions caused by the Russian invasion of Ukraine," said the World Bank in its January 2023 edition of Global Economic Prospects.

Amidst these gloomy predictions, Chief Executive Officers (CEOs) of private companies have prepared various strategies to ensure their businesses remain viable.

"In the short term, CEOs will accelerate revenue growth and cut operational costs, without delaying strategic initiatives such as mergers and acquisitions," said PricewaterhouseCoopers (PwC) in its latest CEO Global Survey report.

According to the PwC survey, currently 52% of CEOs have already cut operational costs and 33% plan to do so within the next year. Other widely chosen strategies include product diversification and price increases.

Some CEOs are also trying to address the threat of recession by halting employee recruitment, conducting layoffs (PHK), or lowering salaries. However, the percentage is smaller, as shown in the graph.

"This survey found that most CEOs are not conducting layoffs, because there has recently been a lot of the great resignation phenomenon in several countries," said PwC.

"Competition for labor will remain tight, even amid worsening economic conditions. In this situation, prioritizing employee well-being will be a priority," they added.

PwC conducted this survey of 4,410 CEOs across 105 countries during October-November 2022.

The majority of CEOs surveyed have company revenues of USD 100 million or approximately Rp 1.5 trillion per year (38%).

Some other respondents have business revenues between Rp 1.5 trillion and Rp 15 trillion per year (33%), while others have revenues higher than that (23%).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Here's how CEOs Are Strategizing to Face the Threat of a 2023 Recession

Here's how CEOs Are Strategizing to Face the Threat of a 2023 Recession

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Here's how CEOs Are Strategizing to Face the Threat of a 2023 Recession

Here's how CEOs Are Strategizing to Face the Threat of a 2023 Recession

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