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Bleak global economic outlook Foster collaboration among countries to overcome future crisis

Foster collaboration among countries to overcome future crisis


Bangladeshpost
Published : 17 Jan 2023 08:48 PM

Around 73 percent of the chief executives officers (CEOs) of the world’s leading companies apprehend global economic growth is likely to decline throughout this year, says a new PricewaterhouseCoopers (PwC) annual global survey released on Monday. The survey of 4,410 chief executives in 105 countries also found that 39 per cent of bosses think that without significant changes to the current course of the businesses, they will no longer be viable within a decade, according to foreign and national media reports.

It is both the timeframe and magnitude that is surprising that how do they survive the next two to three years, and make their ways through a challenging macroeconomic environment, while transforming their organisations to be fit for growth over the next 10 years. Inflation, macroeconomic volatility and geopolitical concerns were foremost in chief executives’ minds, prompting them to maximise revenues through cost cutting, price raising and diversification, the study says.

The government should take necessary 

measures to expand domestic market 

and increase purchasing power of people

The study which polled 4,410 CEOs in 105 countries and regions in October and November 2022, also revealed that 40 percent of the CEOs saw inflation as the top global threat, while 31 percent chose macroeconomic volatility, and 25 percent chose geopolitical conflict. Besides, changing customer demands and regulation, labour and skills shortages, and tech disruption are seen as the biggest challenges to long-term industry profitability.

The risks facing organisations and society today cannot be addressed alone and in isolation. Therefore, CEOs must continue to collaborate with a wide range of public and private sector stakeholders to effectively mitigate those risks, build trust and generate long term value, for their businesses, society and the planet.

Keeping the future state of the global economy in mind, Prime Minister Sheikh Hasina is constantly asking her cabinet members, lawmakers and secretaries and business people to take precautionary measures alongside making people aware so that the country can avert the looming famine amid the prolonged global crisis caused by the coronavirus pandemic and Russia-Ukraine war. All must carry out prime minister’s instruction to set priority in development projects, diversify  exports, attract investments, prepare skilled manpower for the fourth industrial revolution (4IR), make people aware to bring every inch of fallow land under cultivation and show austerity in using electricity and gas.

When the world economy is reeling from the pandemic, the Russia-Ukraine war, sanctions and counter-sanctions have created economic recession across the globe. Only one or two countries are getting benefit of the crisis while rest of the countries, including the developed ones, have been suffering immensely.

Now it is said globally that a famine may emerge before the world this year. So, alongside the export, all concerned especially traders and businessmen in all sectors must put concentration on expansion of domestic market and increasing the purchasing power of people.