Davos 2020: India fourth most attractive market for global CEOs

Davos 2020: India has been ranked as the fourth most attractive market in a survey involving global CEOs. The country is only behind the US, China and Germany with 9 per cent votes in its favour, as per the annual PwC CEO survey released during the World Economic Forum annual meeting at Davos. It also states that Indian chief executive officers (CEOs) showed second highest level of confidence at 40 per cent after China's 45 per cent when it came to overall revenue growth prospects of their own companies.

However, not too many global CEOs are confident about the prospects of their own organisation over the next 12 months, with only 27 per cent of them saying they are 'very confident'. This is the lowest figure since 2009 and down from 35 per cent last year.

China and India showed the highest levels of confidence among major economies at 45 per cent and 40 per cent, respectively. The US was at 36 per cent, Canada at 27 per cent, the UK at 26 per cent, Germany at 20 per cent, France 18 per cent. CEOs from Japan were the least optimistic CEOs with only 11 per cent very confident of growing revenues in 2020.

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The survey covered nearly 1,600 CEOs in 83 territories.

Out of these, 53 per cent projected a decline in global economic growth (up sharply from 29 per cent last year), while only 22 per cent expected improvement (down from 42 per cent). In 2018, a record high of 57 per cent had expected improvement in global GDP.

The survey said that China is looking beyond the US for growth, even as overall the US just retains its lead as the top market CEOs look to for growth over the next 12 months at 30 per cent, one percentage point ahead of China at 29 per cent. The attractiveness of the US for China CEOs has been hit because of the ongoing trade conflicts and political tensions.