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CEOs asked by analyst outfit Gartner do not seem to have many fears about an economic downturn or recession in 2023, believing that if it happens, it will be “shallow and short”.
Analyst house Gartner surveyed over 400 CEOs and other senior business executives worldwide from July through December 2022.
Researchers found that AI was the top technology CEOs believe will significantly impact their industry over the next three years, cited by 21 per cent of survey respondents.
Big G analyst Mark Raskino said that generative AI will profoundly impact business and operating models.
“However, fear of missing out is a powerful driver of technology markets. AI is reaching the tipping point where CEOs who are not yet invested become concerned that they are missing something competitively important.”
Half of the CEOs cited growth as the top strategic business priority for the next two years.
After three years of volatility, CEO priorities are stabilising, and leaders are looking past the aftershocks of the crisis to a time when talent, sustainability and next-level digital change will be the levers of competitive performance, Gartner said.
Technology remains a top focus area for CEOs, closely followed by workforce issues.
More than half of CEOs believe an economic downturn or recession in 2023 will be shallow and short, and the survey showed only a modest rise in cash flow, capital and fundraising concerns.”
Moreover, Gartner claims mentions of environmental sustainability rose 25 per cent over the previous year’s survey, which was the first time sustainability ranked among CEOs’ top ten priorities.
Gartner’s survey found that inflation was ranked as the most damaging business risk by 22 per cent of CEOs, and nearly a quarter cited greater price sensitivity as the most significant shift in customer expectations they anticipate this year.
However, increasing prices is still the top action that CEOs are taking in response to inflation (44 per cent), followed by cost optimisation (36 per cent) and productivity, efficiency, and automation (21 per cent).
