Survey Says CEOs Expect Economic Recovery in 1-3 Years

According to the PwC MAP 2020 CEO Survey, 74% of CEO’s believe that the economy will continue to contract until the end of the year as these CEOs do not expect their businesses to grow in the next 12 months.

161 CEOs answered the online survey from July-August which is considered to be the largest pool of respondents so far.

36% of CEOs expect the full-year GDP to fall further than 4%

83% of CEOs expect the Philippine economy to recover in 1-3 years.

15% believe the economy will grow more than 5% in 2021, while the remaining believe it will see a small increase or flat growth.

The survey consisted of 6% micro-sized businesses, 10% small businesses, 34% medium-sized businesses, and 50% were large companies.

The survey also asked CEOs about their confidence for their companies’ revenue growth over the next 12 months. 17% said they were “very confident,” 42% said they were just “somewhat confident,” 28% said they were “not very confident” and 12% said they were “not confident at all.”