Inflation is closing in on Covid as a top worry for CEOs, a survey shows. Over half of executives expect price pressures to persist until at least mid-2023.
“It’s a very different view around management of the virus and what that means,” she said. China’s large manufacturing base can’t work from home, while the U.S. economy is more service-focused. “It makes sense to me that Covid disruptions would rise to the top of the list for say China, whereas in the U.S., labor shortages are the topic du jour.”
The survey was conducted in October and November with more than 1,600 c-suite executives responding, including 917 CEOs. Although the data was collected before the beginning of, the survey’s authors say the answers likely wouldn’t change much, because companies were dealing with the Delta variant in the fall and the latest wave hasn’t caused panic or widespread shutdowns.
In the Conference Board survey, 82% of CEOs globally said they are facing upward price pressure for inputs into their businesses. In China, producers are facing rising commodity prices in their vast manufacturing base, while Europe is seeing inflation related to energy and food prices. In the U.S., 59% of CEOs expect inflation to be elevated until at least mid-2023 or beyond.
When it comes to their internal focus for the coming year, CEOs from all regions said attracting and retaining talent was the priority. The group also acknowledged that remote work would play a more prominent role even after the pandemic subsides.
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