The proportion of CEOs who believe global economic growth will improve overthe next 12-months has more than doubled year-on-year. At the same time the proportion of CEOs concerned about their long-term business viability has risen to 45% as tech and climate pressures accelerate, according to PwC’s 27th Annual Global CEO Survey.

The survey, which interviewed 4,702 CEOs across 105 countries and territories, found that 38% ofCEOs are optimistic about global economic growth prospects over the next 12-months, up from18% in 2023.

CEO expectations of economic decline have also tumbled from a record high in last year’s survey(73%) to 45%, as perceived exposure to inflation and macroeconomic volatility fell by 16percentage points (to 24%) and 7 percentage points (to 24%) respectively. Despite ongoingconflicts, the proportion of CEOs who felt their company is highly or extremely exposed togeopolitical conflict risk fell 7 percentage points (to 18%).

CEOs in most regions of the world are also more likely to be optimistic about domestic economicprospects than pessimistic. However, CEOs in North America and Western Europe buck the trend -in Western Europe, 32% expect their domestic economies to improve, 48% decline; North America,31% and 52%, respectively.

CEOs are more likely to plan to increase than decrease their headcount in the next 12-months, with39% reporting that they expect to increase their headcount by 5% or more. Employers in everyregion are more likely to increase than decrease headcount, with the Middle East the most bullishon hiring (65%).

While the trajectory is positive, confidence is fragile as megatrends including technologicaldisruption – exemplified by generative AI – and the climate transition converge. Almost half (45%)of CEOs say they do not believe their current business will be viable in a decade if it continues onits current path – up from 39% in 2023. Reflecting uncertainty about how they will managemegatrends, CEOs are somewhat less confident than last year in their own company’s prospectsfor revenue growth over the next 12 months – down from 42% to 37%.

Prince Rahming, PwC Bahamas Territory Leader said: “Consistent with the viewsexpressed by CEOs who took part in our CEO Survey, despite challenges, optimism in thelocal economy remains at a higher level, driven primarily by the tourism sector. Climatechange, however, remains a significant threat for The Bahamas’ economy as well as othereconomies in the region. It remains a top priority for the country. As it relates to technology,the government continues to make significant strides in the digitisation of the localeconomy, but as the pace of technological advancements grows rapidly and driven byArtificial Intelligence (AI) both the government and local businesses will need to examinetheir technology strategies in order to stay abreast and not fall behind, Greater investmentand reinvention of business models are needed.

The AI opportunity
CEOs overwhelmingly see generative AI as a catalyst for reinvention that will power efficiency,innovation, and transformational change. Nearly three-quarters (70%) believe it willsignificantly change the way their company creates, delivers, and captures value in the nextthree years.

CEOs are also optimistic about the short-term impact. Over the next 12 months, almost three-fifths(58%) expect it to improve the quality of their products or services and almost half (48%) say it willenhance their ability to build trust with stakeholders. They also expect better outcomes for theirbusiness - 41% expect it to positively impact revenue and 46% expect it to positively impactprofitability. The technology, media and communications sector is most positive about the impact onprofit (54%), while energy, utilities and resources are least optimistic (36%).

But while CEOs are increasingly looking to the transformative benefits of generative AI, the greatmajority say it will require workforce upskilling (69%). They have also expressed concern about anassociated rise in cybersecurity risk (64%), misinformation (52%), legal liabilities and reputationrisks (46%), and bias towards specific groups of customers or employees (34%) in theircompanies.

CEOs report progress on climate priorities
As CEOs establish priorities, many are seeing the climate transition as an industry disruptorcontaining distinct opportunities in addition to risks. Nearly one-third expect climate change to shiftthe way they create, deliver, and capture value over the next three years - up from less thanone-quarter who said as much regarding the past 5 years.

CEOs are making progress in turning their commitments into action. 76% have either begun orcompleted steps to improve energy efficiency, while 58% report having made similar strides when itcomes to innovating new, climate-friendly products, services or technologies.

On the other hand, only 45% note having made progress on or completed incorporating climate riskinto financial planning (with 31% noting no plans to do so). Action on adaptation to physical climaterisks is also lagging at 47% (with 29% noting no plans to act).

The survey suggests significant support for decarbonisation, with only 26% saying that a lack ofboard or management buy-in is at least a moderate barrier to decarbonisation. Instead, CEOs citeregulatory complexity (54%) and lower economic returns for climate friendly investments (51%) asthe biggest barriers to be overcome. CEOs are beginning to take on the economic barrier, with fourin ten reporting that they have accepted lower hurdle rates for climate-friendly investments than forother investments—in the majority of cases between one and four percentage points lower.

The reinvention imperative
As CEOs become more aware of the megatrends facing businesses globally, survey respondentsexpressed increased concern around their long-term business viability. Almost half (45%) note theyare concerned their businesses will not be viable beyond the next decade without reinvention - upfrom 39% in 2023. Notably, the survey shows smaller companies are at greater risk: 56% of CEOsleading businesses generating less than US$100 million in annual revenue believe theirbusinesses will only be viable for 10 years or less if it continues running on its current path. Thisfalls to 27% for those making US$25 billion or more in revenue annually.

Almost all (97%) CEOs note they have taken steps to change how they create, deliver, and capturevalue in the past five years, and over three-quarters (76%) have taken at least one action that hada large or very large impact on their company’s business model.

But while CEOs are taking action, they are faced with a number of challenges. Two thirds (64%)cite the regulatory environment as inhibiting their ability to reinvent their business model to at leasta moderate extent, 55% point to competing operational concerns, and 52% point to a lack of skillsin their company’s workforce.

A further obstacle is inefficiency. CEOs perceive significant inefficiencies across a range of theircompanies’ routine activities—everything from decision-making meetings to emails—viewingroughly 40% of the time spent on these tasks as inefficient. A conservative PwC estimate of thecost of that inefficiency would be tantamount to a self-imposed US$10 trillion tax on productivity.

The proportion of CEOs who believe global economic growth will improve over the next 12-months has more than doubled year-on-year. At the same time the proportion of CEOs concerned about their long-term business viability has risen to 45% as tech and climate pressures accelerate, according to PwC’s 27 th Annual Global CEO Survey. The survey, which interviewed 4,702 CEOs across 105 countries and territories, found that 38% of CEOs are optimistic about global economic growth prospects over the next 12-months, up from 18% in 2023. CEO expectations of economic decline have also tumbled from a record high in last year’s survey (73%) to 45%, as perceived exposure to inflation and macroeconomic volatility fell by 16 percentage points (to 24%) and 7 percentage points (to 24%) respectively. Despite ongoing conflicts, the proportion of CEOs who felt their company is highly or extremely exposed to geopolitical conflict risk fell 7 percentage points (to 18%). CEOs in most regions of the world are also more likely to be optimistic about domestic economic prospects than pessimistic. However, CEOs in North America and Western Europe buck the trend - in Western Europe, 32% expect their domestic economies to improve, 48% decline; North America, 31% and 52%, respectively. CEOs are more likely to plan to increase than decrease their headcount in the next 12-months, with 39% reporting that they expect to increase their headcount by 5% or more. Employers in every region are more likely to increase than decrease headcount, with the Middle East the most bullish on hiring (65%). While the trajectory is positive, confidence is fragile as megatrends including technological disruption – exemplified by generative AI – and the climate transition converge. Almost half (45%) of CEOs say they do not believe their current business will be viable in a decade if it continues on its current path – up from 39% in 2023. Reflecting uncertainty about how they will manage megatrends, CEOs are somewhat less confident than last year in their own company’s prospects for revenue growth over the next 12 months – down from 42% to 37%. Prince Rahming, PwC Bahamas Territory Leader said: “Consistent with the views expressed by CEOs who took part in our CEO Survey, despite challenges, optimism in the local economy remains at a higher level, driven primarily by the tourism sector. Climate change, however, remains a significant threat for The Bahamas’ economy as well as other economies in the region. It remains a top priority for the country. As it relates to technology, the government continues to make significant strides in the digitisation of the local economy, but as the pace of technological advancements grows rapidly and driven by Artificial Intelligence (AI) both the government and local businesses will need to examine their technology strategies in order to stay abreast and not fall behind, Greater investment and reinvention of business models are needed. The AI opportunity CEOs overwhelmingly see generative AI as a catalyst for reinvention that will power efficiency, innovation, and transformational change. Nearly three-quarters (70%) believe it will significantly change the way their company creates, delivers, and captures value in the next three years. CEOs are also optimistic about the short-term impact. Over the next 12 months, almost three-fifths (58%) expect it to improve the quality of their products or services and almost half (48%) say it will enhance their ability to build trust with stakeholders. They also expect better outcomes for their business - 41% expect it to positively impact revenue and 46% expect it to positively impact profitability. The technology, media and communications sector is most positive about the impact on profit (54%), while energy, utilities and resources are least optimistic (36%). But while CEOs are increasingly looking to the transformative benefits of generative AI, the great majority say it will require workforce upskilling (69%). They have also expressed concern about an associated rise in cybersecurity risk (64%), misinformation (52%), legal liabilities and reputation risks (46%), and bias towards specific groups of customers or employees (34%) in their companies. CEOs report progress on climate priorities As CEOs establish priorities, many are seeing the climate transition as an industry disruptor containing distinct opportunities in addition to risks. Nearly one-third expect climate change to shift the way they create, deliver, and capture value over the next three years - up from less than one-quarter who said as much regarding the past 5 years. CEOs are making progress in turning their commitments into action. 76% have either begun or completed steps to improve energy efficiency, while 58% report having made similar strides when it comes to innovating new, climate-friendly products, services or technologies. On the other hand, only 45% note having made progress on or completed incorporating climate risk into financial planning (with 31% noting no plans to do so). Action on adaptation to physical climate risks is also lagging at 47% (with 29% noting no plans to act). The survey suggests significant support for decarbonisation, with only 26% saying that a lack of board or management buy-in is at least a moderate barrier to decarbonisation. Instead, CEOs cite regulatory complexity (54%) and lower economic returns for climate friendly investments (51%) as the biggest barriers to be overcome. CEOs are beginning to take on the economic barrier, with four in ten reporting that they have accepted lower hurdle rates for climate-friendly investments than for other investments—in the majority of cases between one and four percentage points lower. The reinvention imperative As CEOs become more aware of the megatrends facing businesses globally, survey respondents expressed increased concern around their long-term business viability. Almost half (45%) note they are concerned their businesses will not be viable beyond the next decade without reinvention - up from 39% in 2023. Notably, the survey shows smaller companies are at greater risk: 56% of CEOs leading businesses generating less than US$100 million in annual revenue believe their businesses will only be viable for 10 years or less if it continues running on its current path. This falls to 27% for those making US$25 billion or more in revenue annually. Almost all (97%) CEOs note they have taken steps to change how they create, deliver, and capture value in the past five years, and over three-quarters (76%) have taken at least one action that had a large or very large impact on their company’s business model. But while CEOs are taking action, they are faced with a number of challenges. Two thirds (64%) cite the regulatory environment as inhibiting their ability to reinvent their business model to at least a moderate extent, 55% point to competing operational concerns, and 52% point to a lack of skills in their company’s workforce. A further obstacle is inefficiency. CEOs perceive significant inefficiencies across a range of their companies’ routine activities—everything from decision-making meetings to emails—viewing roughly 40% of the time spent on these tasks as inefficient. A conservative PwC estimate of the cost of that inefficiency would be tantamount to a self-imposed US$10 trillion tax on productivity.

Pin Drop Rum, a super-premium 10-year-aged rum hand-bottled in the Bahamas, is set to debut on shelves across the United States, marking a significant milestone in the spirits industry.

Originating from Harbour Island, Pin Drop Rum was founded in 2018 by Ithalia Johnson, Toby Tyler, and Joe Elison,  with the brand said to reflect the essence of its island roots and the rich Bahamian culture.

Despite a two-decade hiatus from the spirits business, Pin Drop Rum's quality captured the attention of the Bronfman family, leading to a strategic partnership aimed at introducing the brand to the US market. 

Pin Drop Rum's blend of 10 and 12-year-old Caribbean rums, aged in bourbon white oak barrels, offers an array of flavors, including banana, dried apricot, mango, and candied tropical fruit, culminating in a golden pour with a velvety whisky finish. Pin Drop Rum is now available in select specialty liquor stores and bottle shops across Florida, South Carolina, and New York, with distribution expanding to 32 states.

"The spirits industry is entering a new era of exploration, which is leading to heightened interest in the rum category and its versatility. With the arrival of the Rum Renaissance and fans embracing the spirit like never before, Pin Drop Rum offers a unique style to experience ultra-premium rum from an unlikely place," said Aaron Bronfman, CEO of Pin Drop Rum. 

"Pin Drop Rum was created as an ode to Harbour Island and its culture, which continue to inspire us on this journey," Co-Founder Ithalia Johnson added.

On a cold blustery winter day, The Bahamas brought the heat to New York, taking the allure of year-round warmth and sunshine to more than 150 potential buyers and high-end real estate professionals during panel discussions followed by festivities complete with Junkanoo.

Sponsored by The Bahamas, Turks and Caicos and Cayman franchises of The Agency, a top-tier real estate agency with more than 100 offices in 11 countries, the event was the culmination celebration of a weeklong series of activities with expert panelists from around the world delving into real estate and financial markets, economic projections, and global opportunities.

“The day and night of The Bahamas and Caribbean was definitely a highlight of the weeklong program -- the final, exciting, memorable moments following days of informative sessions and networking with agents, brokers, investment professionals from family offices,” said Danny

Lowe, Managing Partner of The Agency Bahamas. “It was an opportunity to showcase what we have to offer that continues to make The Bahamas so competitive and highly desirable.”

Founded by young Californian Mauricio Umansky, TV star and award-winning entrepreneur, The Agency has upended a somewhat staid real estate industry with its production of sophisticated fast-paced news and up to the minute information on markets, hot spots, early warning signs and interviews with topnotch business celebrities. From its hip print branding to its activities like this week’s super panel sessions packed with information, the company is growing at a record pace. When Lowe opened the Bahamas franchise in 2022 there were just over 60 others, most in the U.S. That number has almost doubled in less than two years, spreading to nearly a dozen countries.

“The juxtaposition of where we were in the cold of a New York City winter day against the prospect of walking on the beach, leaving footprints in the sand with the ocean before you and a blue sky above was so dramatic that it made for the ideal setting,” said Lowe.

That post card-like picture of a winter paradise also suited another panelist, Aristo President Jason Kinsale, who has completed more than $400 million of residential projects in The Bahamas. His latest is Aqualina, rising on Cable Beach near BahaMar, with 60 residences and over-the-top amenities including a fully staffed spa, cinema, boating membership and private elevators.

Others who contributed to and partnered with exposing the Bahamas and Caribbean included Harbour Island-based Pink Sands Spirits & Co., Mandarin Oriental Residences, Grand Cayman, and The Sanctuary, Turks and Caicos with the Bahamas Ministry of Tourism’s Chrystal Bethell and the Consular General to New York The Hoh. Leroy Major participating in panels.

“The information shared in the two panels prior to the evening pop-up celebration reflected an optimistic outlook for The Bahamas, Turks and Caicos and Cayman,” said Lowe, a panelist as well as host. “While these are turbulent times in many places, we have reason to believe that so long as we maintain a level of security, the region will continue to act as a magnet for those who want to live the good life. Nothing compares to The Bahamas and we were able to showcase that in so many ways to an influential group of people during this conference.”

On a cold blustery winter day, The Bahamas brought the heat to New York, taking the allure of year-round warmth and sunshine to more than 150 potential buyers and high-end real estate professionals during panel discussions followed by festivities complete with Junkanoo. Sponsored by The Bahamas, Turks and Caicos and Cayman franchises of The Agency, a top-tier real estate agency with more than 100 offices in 11 countries, the event was the culmination celebration of a weeklong series of activities with expert panelists from around the world delving into real estate and financial markets, economic projections, and global opportunities. “The day and night of The Bahamas and Caribbean was definitely a highlight of the weeklong program -- the final, exciting, memorable moments following days of informative sessions and networking with agents, brokers, investment professionals from family offices,” said Danny Lowe, Managing Partner of The Agency Bahamas. “It was an opportunity to showcase what we have to offer that continues to make The Bahamas so competitive and highly desirable.” Founded by young Californian Mauricio Umansky, TV star and award-winning entrepreneur, The Agency has upended a somewhat staid real estate industry with its production of sophisticated fast-paced news and up to the minute information on markets, hot spots, early warning signs and interviews with topnotch business celebrities. From its hip print branding to its activities like this week’s super panel sessions packed with information, the company is growing at a record pace. When Lowe opened the Bahamas franchise in 2022 there were just over 60 others, most in the U.S. That number has almost doubled in less than two years, spreading to nearly a dozen countries. “The juxtaposition of where we were in the cold of a New York City winter day against the prospect of walking on the beach, leaving footprints in the sand with the ocean before you and a blue sky above was so dramatic that it made for the ideal setting,” said Lowe. That post card-like picture of a winter paradise also suited another panelist, Aristo President Jason Kinsale, who has completed more than $400 million of residential projects in The Bahamas. His latest is Aqualina, rising on Cable Beach near BahaMar, with 60 residences and over-the-top amenities including a fully staffed spa, cinema, boating membership and private elevators. Others who contributed to and partnered with exposing the Bahamas and Caribbean included Harbour Island-based Pink Sands Spirits & Co., Mandarin Oriental Residences, Grand Cayman, and The Sanctuary, Turks and Caicos with the Bahamas Ministry of Tourism’s Chrystal Bethell and the Consular General to New York The Hoh. Leroy Major participating in panels. “The information shared in the two panels prior to the evening pop-up celebration reflected an optimistic outlook for The Bahamas, Turks and Caicos and Cayman,” said Lowe, a panelist as well as host. “While these are turbulent times in many places, we have reason to believe that so long as we maintain a level of security, the region will continue to act as a magnet for those who want to live the good life. Nothing compares to The Bahamas and we were able to showcase that in so many ways to an influential group of people during this conference.”

The Bahamas Agricultural and Industrial Corporation (BAIC) signed a second contract with Milo Butler & Sons Ltd. to sell two additional locally-made products via their distribution outlets.  A signing ceremony marking the occasion was held at BAIC headquarters on Old Trail Road on Tuesday, 30th January. 

The first product is a dishwashing liquid produced by Cyntiche Taylor (Caribbean Cheer;) and the second product comprises a variety of wines produced by Melita Carey (Quoise Wines). 

The wines are made utilizing Bahamian staples including seagrapes, passion fruit, ginger and fever grass. 

Executive Chairman of BAIC, Leroy Major, said that the corporation will continue in its quest to support producers of locally-made products.  President of Milo Butler & Sons Ltd., Allan Butler noted that in bringing products to the market at a reasonable price, given the need to import raw materials -- his company tries to employ innovative ways to ensure that locally made products are competitively priced to respond to consumer demands.

In small group, pictured l-r: Tonjia Burrows (AGM – Food Processing Dept. – BAIC), Cyntiche Taylor (Caribbean Cheer – Owner), Allan Butler (CEO – Milo Butler & Sons Ltd.);  Leroy Major (Executive Chairman -- BAIC), Melita Carey (Quoise Wines – Owner); and Troy Sampson (General Manager BAIC). 

The Bahamas Agricultural and Industrial Corporation (BAIC) signed a second contract with Milo Butler & Sons Ltd. to sell two additional locally-made products via their distribution outlets.  A signing ceremony marking the occasion was held at BAIC headquarters on Old Trail Road on Tuesday, 30th January.  The first product is a dishwashing liquid produced by Cyntiche Taylor (Caribbean Cheer;) and the second product comprises a variety of wines produced by Melita Carey (Quoise Wines).  The wines are made utilizing Bahamian staples including seagrapes, passion fruit, ginger and fever grass.  Executive Chairman of BAIC, Leroy Major, said that the corporation will continue in its quest to support producers of locally-made products.  President of Milo Butler & Sons Ltd., Allan Butler noted that in bringing products to the market at a reasonable price, given the need to import raw materials -- his company tries to employ innovative ways to ensure that locally made products are competitively priced to respond to consumer demands. In small group, pictured l-r: Tonjia Burrows (AGM – Food Processing Dept. – BAIC), Cyntiche Taylor (Caribbean Cheer – Owner), Allan Butler (CEO – Milo Butler & Sons Ltd.);  Leroy Major (Executive Chairman -- BAIC), Melita Carey (Quoise Wines – Owner); and Troy Sampson (General Manager BAIC).