While Canadian CEOs are aware of the potential for macroeconomic and geopolitical uncertainty, they’re optimistic about economic growth this year: 55% (compared to 31% last year) expect global growth to improve, according to PwC’s 28th Annual Global CEO Survey.
Domestic growth expectations were also up, with 42% expecting an improvement, up from 25% last year, said the report.
PwC said the survey of 4,701 CEOs in 105 countries and territories, including 167 in Canada, highlights the need for business leaders to reinvent through GenAI adoption, strategic acquisitions, new sector competition, and addressing climate change.
Nicolas Marcoux
“While Canadian CEOs are more optimistic about economic growth than they were last year, they recognize the need to embrace AI and new technologies, invest in new sectors and reinvent their businesses. Despite the uncertainty around potential economic measures that could come into effect with the new US administration, Canadian CEOs remain remarkably resilient and are preparing to take on the challenges ahead,” said Nicolas Marcoux, CEO, PwC Canada.
“While Canadian CEOs recognize the potential of AI, they have yet to see the impact of it on the bottom line. Integrating AI organization-wide, prioritizing upskilling and transparently addressing job evolution are crucial for building trust, maximizing AI’s potential and boosting productivity.”
While 79% of Canadian CEOs plan to adopt AI in the next 12 months, this is below the global average of 87%. Canadian CEOs also lag in integrating AI into strategies, operations, and workforce development. They’re also seeing a gap in AI outcomes. While 54% of CEOs last year expected improved employee efficiency from generative AI, only 45% saw it. Similarly, anticipated profitability increases materialized for only 20% versus a projected 29%, explained the report.
“A growing percentage of Canadian CEOs (35%) believe their businesses might not be viable in 10 years, up from 32% last year. The good news is that Canadian CEOs are taking action to reinvent their business. 60% of Canadian CEOs (64% globally) have taken at least one significant action to change how their organization creates, delivers, and captures value. More Canadian CEOs than those surveyed globally (58% versus 54%) are planning acquisitions in the next three years to access new capabilities and talent,” said PwC.
“Mirroring global trends (38%), 37% of Canadian CEOs say their company has begun competing in new sectors, with industrial manufacturing, health services, consumer, and real estate leading the way. Regarding climate change, Canadian CEOs are harnessing emerging opportunities from decarbonization to create value. Almost three quarters (72%) have initiated climate-related investments in the last 12 months. This is less than global CEOs (81%), which may reflect how some Canadian CEOs aren’t seeing the upside of climate action.”
Actions for Canadian CEOs identified by PwC:
- Empower AI adoption: Identify key skills, provide training, and be transparent about job evolution.
- Collaborate for reinvention: Acquisitions, partnerships, and information sharing can drive innovation.
- Move beyond climate compliance: Focus on strategic decarbonization to create new revenue streams.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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