CEOs' business confidence shaken in wake of Covid-19

Borneo Post Kuching

In the first study of its kind, KPMG conducted two surveys – one at the onset of the pandemic in January and a second survey in July/August. A clear result from the study reveals that business leaders have radically shifted their perspectives as businesses and governments around the world continue assessing the long-term impact of Covid-19.

According to the 2020 KPMG Global CEO Outlook report, during this period of unprecedented uncertainty, CEOs are prioritizing digital transformation, talent and ESG (Environmental, Social and Governance) factors at the top of their agendas.             

Datuk Johan Idris, Managing Partner of KPMG in Malaysia commented “With the extension of the Recovery Movement Control Order (RMCO) until December 31, 2020, business leaders are forced to relook at their operational strategies and key to this is the ability to move away from short-term measures and prepare for mid and long-term growth.”

One way CEOs are collectively doing to secure long-term growth is channeling resources towards digital transformation initiatives. Before the pandemic, 64 per cent of CEOs felt overwhelmed by the lead times required to achieve significant progress on digital transformation. However, following worldwide lockdowns and the need for physical distancing, 46 per cent of CEOs have reported that progress for their digitization of operations has sharply accelerated, putting them years in advance of where they expected to be.

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© 2022 KPMG PLT, a limited liability partnership established under Malaysian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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