Bangkok, PwC reveals 67% of Thai CEOs surveyed fear their businesses will not survive in the next decade. After facing pressure from climate change and GenAI PwC Thailand has released its latest Thai CEO Confidence Survey, finding executives' views of the global economy remain very different, with 45% expecting it to decline while 45% believing it will be good. increase this year, and only 27% are confident that their company's revenue in 2024 will grow more than last year. In addition, most Thai CEOs express concern that their business will not survive in this year. In the next 10 years, if we continue to conduct business in the same way after facing pressure from climate change trends. and the coming of GenAI technology. However, more than half (52%) of Thai CEOs surveyed believe that The country's economic outlook this year will grow more than last year. Inflation (30%), cyber risk (24%) and geopolitical conflict (21%) will be the top three threats to business operations over the next 12 months, two out o f three. of Thai CEOs (67%) do not think their businesses will be economically viable in the next 10 years if they continue on their current path. Mr. Phisit Thangthanakul, Executive Chairman of PwC Thailand, revealed that 'The 27th annual global CEO survey report, Thailand edition: Leading businesses towards rapid innovation, said that although our survey results this year It will be found that Thai CEOs are confident that the domestic economy will grow this year. But I'm not sure that The company's income will grow from the previous year. It reflects the need for executives to adjust the business model. products and services to seek new growth opportunities amid ever-present threats and challenges. 'Technological change and problems related to climate These are two other global megatrends that will add more and more pressure to doing business for CEOs. We view this as the majority of Thai CEOs that If there is still no transformation of the business for the future There is a high possibility that many Tha i businesses may not survive in the next 10 years,' Mr. Pisit said. In this regard, the Thai version of the report is part of 'PwC's 27th Annual Global CEO Survey Report' studied and compiled the opinions of 4,702 CEOs around the world, including 33 CEOs from Thailand, during the day. 2 October to 10 November 2023 Mr. Pisit said that for the positive factors expected to help support the expansion of the Thai economy in 2024, it should come from the export trend improving following signs of world trade starting to recover. As with the tourism sector, there has been an increase in foreign tourist arrivals due to factors promoting travel, such as visa exemptions for tourists in many countries, but the delay in disbursement of the 2024 budget and slowing domestic demand. go down Including high levels of household debt, this will remain a factor that needs to be monitored. In addition, 73% of Thai CEOs said that a lack of technology ability It is considered the first obstacle that will affect the transformation of the organization. (moderately, very much, or very much) followed by the regulatory environment Competing operational priorities and underskilled workforce at 57% tied for climate change action and GenAI Data from the survey report indicate that In the past, Thai CEOs have accelerated their efforts in various areas to mitigate the effects of climate change. The same is true for CEOs around the world and in Asia Pacific. But even though 79% of Thai CEOs say they are taking steps to improve their energy efficiency, or have been completed, there are still many areas where CEOs have no plans to act. For example, 36% said they do not plan to invest in nature-based climate solutions, and 36% said they do not plan to invest in nature-based climate solutions. % also have no plans to incorporate climate risks into their financial planning. Moreover, More than half (58%) of Thai CEOs also said they would not accept a lower return on investment from climate-friendly investments. This shows the gap that still exists i n issuing policies or measures to promote investment in environmentally friendly technologies to stimulate the reduction of the country's carbon emissions. For the entry of GenAI into the business sector A PwC survey found that 36% of Thai CEOs say they are already implementing GenAI in their companies, while 24% have changed their company strategies as a result. GenAI, these figures are in line with global figures of 32% and 31% and Asia Pacific of 33% and 28%. Thai CEOs are also optimistic about GenAI, with 52% agreeing that GenAI will help improve the quality of products and services in the next 12 months, while 61% say GenAI will change the way businesses build, deliver, and deliver. deliver and capture significant value over the next three years. However, 58% of Thai CEOs agree that GenAI will cause employees within their organizations to develop new skills to support the adoption of such technology. to be used to their full potential 'It is time for Thai CEOs to lead their businesses to innovate to a ddress challenges and prioritize investment and business transformation for the future, including sustainability issues. in work processes throughout the organization and, importantly, by leveraging technology along with effective risk management and should include a framework for use Responsible AI is integrated into the organization's strategy,' Mr. Pisit said. Source: Thai News Agency