West African CEOs Express Concerns Over Local Economic Decline

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The PwC Annual Global CEO survey for West Africa reveals that over half of CEOs in the region expect their local economies to decline in 2024. This contrasts with their positive outlook for global economic growth, with many expecting improvement worldwide. CEOs express fears about business viability, technology impact, and regulatory challenges, with concerns about the need for business reinvention and the risks associated with emerging technologies like AI.

Despite West Africa’s recent economic growth, CEOs cite inhibitors like lack of demand and regulatory complexity in sustainability efforts. This contrasts with projections showing the region as one of the fastest-growing economies globally.

However, economic shocks such as insecurity, currency depreciation, and geopolitical risks contribute to their cautious outlook. Additionally, challenges in Nigeria’s economy, Africa’s largest, also impact the region’s growth prospects.

Punch

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