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PwC report: Optimism of CEOs in Romania about global economic recovery reaches highest level in 10 years


The optimism of Romanian CEOs about global economic recovery has reached the highest level in the last decade, as 60% of them are expecting the economy to improve in the next 12 months, according to the CEO Survey 2021 report by PwC Romania.

CEOs in Romania prove to be the more cautious with their forecasts than their global and regional counterparts. Thus, 63% of the respondents in Romania expect their organisation's revenue growth to improve over the next 12 months, compared with 74% globally and in CE, according to PwC Romania.

"The chief executives' confidence of in economic growth has reached a record level of the past decade since we made this report in Romania, with the percentage of optimists being three times higher than in the 2020 edition. The latest forecasts on the developments in the Romanian economy, such as the IMF's forecast of 7% GDP growth in 2021, confirm business leaders' perceptions. However, the pandemic anxiety has not yet disappeared and remains the number one threat to economic and corporate growth globally, as well as in Romania," according to Ionut Simion, country managing partner of PwC Romania.

Among the threats to economic growth, the CEOS in Romania mention pandemics and other health crises (67%); tax policy uncertainty (57%); increasing tax obligation (51%); public policy uncertainty, (50%) and over-regulation (46%). Globally, the main concerns of the chief executives are: pandemics and other health crises (52%); cyber threats (47%); over-regulation (42%); public policy uncertainty (38%),and uncertain economic growth (35%).

Pandemics (58%) and over-regulation (39%) are also among the top threats mentioned by company leaders in the region, where the top five are rounded up by geopolitical uncertainty (39%); availability of key skills (38%) and exchange rate volatility (38%).

Also, amid sped up digital transformation, concerns about cyber threats and misinformation have increased. About half of the CEOs in Romania consider double-digit increases in investment in digital transformation.

A positive 'legacy' of the pandemic may be executives' deeper awareness of the need to focus on workforce health and well-being. Almost one third of the CEOs in CEE and Romania are planning to improve the competitiveness of their businesses by ensuring flexible work arrangements and a good work-life balance for their people.

Romania's CEOs believe that the order of the top three priorities for the Government should be: Creating an effective tax system (71%), an adequate physical and digital infrastructure (68%) and a A skilled, educated and adaptable workforce (61%).

Conducted in January and February 2021, the CEO Survey includes the views of 174 CEOs in Romania.

PwC is a network of forms in 155 countries with over 284,000 people delivering quality in assurance, advisory and tax services.