A new report by PwC reveals cautious optimism among Kenyan chief executives regarding the global economy.
While 58% acknowledge inflation as a significant threat, most (56%) express confidence in their companies’ revenue growth over the next three years. This mirrors a global trend, with 54% of CEOs worldwide anticipating improvement or stability in the global economy within the same timeframe.
Innovation Drives Growth
The report, Navigating growth prospects with cautious optimism“ highlights the power of innovation, with 60% of Kenyan CEOs attributing 20% of their 2023 sales to new products or services launched in the past three years.
Adapting to Uncertainty
Peter Ngahu, PwC Kenya and Eastern Africa’s regional senior partner suggests that ongoing global shocks, like COVID-19, geopolitical tensions, and climate change, may have conditioned African CEOs to navigate uncertainty.
Ngahu emphasizes the need for continuous reinvention for businesses to thrive.
Collaboration and Climate Action
Muniu Thoithi, PwC East Africa’s advisory leader, encourages collaboration across industries to create greater value.
Additionally, the report finds that 60% of Kenyan CEOs are taking climate action through initiatives like energy efficiency and developing eco-friendly products and services.
However, challenges remain, including regulatory changes and shifting consumer preferences.
Technology Concerns and Opportunities
While CEOs expressed concerns about potential risks from AI, including unintended consequences, increased cyber threats, and misinformation, the report underscores the potential for responsible AI use to enhance productivity and growth.
The report surveyed 4,702 CEOs worldwide in late 2023.
