For the last two decades, PwC has asked business leaders around the globe about the trends reshaping business and society. As we mark the 20th year of our annual CEO Survey, we've decided to take a closer look at the opportunities and challenges specific to Luxembourg.
Our 20th Annual Global CEO Survey takes us into the minds of 1,379 CEOs across 79 countries. Responses were collected between September and December 2016. In Luxembourg we collected the answers of 49 CEOs from a broad spectrum of industries. We also had the pleasure to interview 11 sector leaders representing various government-led promotional initiatives such as the Luxembourg Cluster Initiative and Luxembourg for Finance.
Only 26% of Luxembourg CEOs believe that economic growth will improve globally. This is in line with the global perspective. However, they are largely optimistic about local growth prospects: 53% believe that economic growth in Luxembourg will improve in 2017.
In today's world, CEOs face a business environment that's becoming increasingly complicated to understand and adapt to.
This is why Luxembourg CEOs' top concern is over-regulation. Added layers of regulations at various levels - national and supranational - inevitably make conducting business more difficult and innovation suffers. This is particularly evident in the financial world.
Top concerns for Luxembourg CEOs
Companies have to adapt in a rapidly changing environment in order to meet different stakeholder demands. Previously, companies primarily addressed customer needs; today, they face a wide range of parties - each with their own agenda. Interestingly, Luxembourg CEOs rank the importance of those different parties in the same order as Global CEOs.
Transforming trends shaping stakeholders' expectations
Business leaders are well aware of the impact that technology has on client expectations and are investing in technology, not only to reduce costs but also to enhance interactions with customers.
Addressing technological change to enhance interactions with customers