The KPMG 2023 CEO Outlook offers an in-depth examination of the viewpoints of more than 1,300 CEOs from some of the world's leading companies. Our Singapore edition provides a unique window into the strategic thinking of Singapore's top C-suite executives as they ready their organisations for an uncertain future. Demonstrating remarkable resilience, optimism, and adaptability in the face of adversity, these CEOs are trailblazing a path towards sustainable success.
Despite the challenges ahead, an overwhelming majority of the surveyed Singaporean CEOs forecast growth for their businesses in the next three years. These executives are honing their focus on enhancing customer experiences, steering growth via innovation such as the adoption of emerging technologies, as well as integrating ESG into their business model, viewing it as a value-creating opportunity.
As we look into the future, CEOs will need to make informed decisions around technology, talent, and sustainability—factors poised to become key growth determinants. The insights gleaned from KPMG’s CEO Outlook underscore the determination of business leaders to navigate this unpredictable landscape, priming their organisations to seize upcoming opportunities.
Singapore CEOs are showcasing exceptional resilience and adaptability in the face of complex geopolitical and economic landscapes. They are strategically preparing their organisations for a future steered by generative AI and environmental, social and governance (ESG) initiatives, with human expertise as the foundational pillar.
Economic outlook
Purpose-driven leadership to drive growth in uncertainty
92%
of Singapore CEOs are forecasting growth for their businesses
68%
of CEOs note that rising interest rates and tightening monetary policies could prolong any potential recession
56%
(Over half) of CEOs have adjusted growth plans to tackle challenges like operational risks and emerging technology
Technology
The emergence —and potential ethical dilemmas —of generative AI
70%
68%
Talent
The evolution and reprioritisation of talent
52%
of Singapore CEOs are prioritising the upskilling of their workforce in AI and ESG
The hybrid or remote ways of working look to have gained some traction in Singapore, with slightly less than half (48 percent) predict a full return to in-office work within the next three years.
64%
of Singapore CEOs say that scrutiny over diversity performance will continue to increase
ESG
Focusing on strategic ESG investments to create value
52%
(About one in two) Singapore CEOs have fully embedded ESG into their business to create value
36%
of Singapore CEOs are choosing to invest in ESG governance and transparency protocols, such as best practice reporting
One of the biggest downsides for Singapore CEOs in failing to meet ESG expectations is the higher cost of and difficulty in raising finance (32 percent)
CEOs have responded to uncertainty with a purpose-driven, resilient approach, reevaluating strategies and adopting collaborative leadership. And while there are profound challenges ahead, for the right leaders, this provides an opportunity to steer economies and society in the right direction —together, for better.
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