CEOs in Qatar have high levels of confidence in the growth prospects for the country, according to country senior partner at KPMG in Qatar.
Ahmed Abu-Sharkh said, “Qatar has demonstrated its agility and robust preparedness and responsiveness in tackling the pandemic, so it is no surprise that CEOs feel optimistic about the future, despite the current challenges.”
He was commenting on the two surveys held as part of the ‘2020 KPMG CEO Outlook’, one at the onset of the pandemic in January and another in July/August. This is the first year that Qatar has been included in the Global report as a benchmark country.
The 2020 KPMG CEO Outlook finds that the agenda of leaders has radically shifted since the beginning of the year, as existing trends like ESG (Environmental, Social and Governance) factors, flexible working and digital transformation have accelerated. When reflecting on prospects for growth over the next three years, 32% of CEOs are less confident now than they were at the start of the year in the global economy.
CEOs, however, are more optimistic about their own country’s growth prospects (45% confident globally and 60% of CEOs in Qatar), and more confident again in the resilience of their own business over the coming three years.
Bill Thomas, Global Chairman & CEO, KPMG, said: “The significant change in CEOs priorities over the past six months is a clear indication that businesses have had to pivot at breakneck speed to deal with the challenges of the pandemic. Business leaders the world over are seeking to manage uncertainty with decisiveness. This crisis has accelerated strategies that were already in place around digital transformation and social responsibility.
“However, in other areas planning for the future is a lot harder, particularly thinking about future ways of working and problem solving. So it’s perhaps no surprise that CEOs are focused on the importance of talent to sustain and grow any future business.”
Bill Thomas concluded: “The Covid-19 crisis is redefining what good business leadership looks like. It is making demands of CEOs that few people could have imagined just months ago. Environmental considerations remain important, but societal impact is now much higher on the agenda. CEOs are more connected to their organisation’s Purpose, their reason for being, and are using it to guide their business decisions through continuing unpredictable times.”
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