The need for reinvention in the age of generative AI

EU results of PwC’s Global CEO Survey 2024

Insight
5 minute read
June 13, 2024

Headline findings:

EU CEOs see the need for change: 42% think their company won’t be viable in ten years without reinvention
They lead on climate action: 73% say they have developed new, climate-friendly products, services or technologies in the last year, compared to 54% in the US and 51% in Asia
But they are lagging on tech adoption: only 24% say they have adopted generative AI across their company in the last year, versus 37% in the US and 33% in Asia
And they are not changing as much: 58% are re-allocating over 10% of company resources across the business year-to-year, in comparison to 66% and 73% of businesses in the US and APAC respectively

The survey suggests there is significant potential for the EU and business to work together to deliver the twin transition and make the EU more competitive.

EU results of PwC’s Global CEO Survey 2024

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Global Survey results

‘The future of the Single Market - the challenge to business’ with Enrico Letta

The findings of the report were launched in Brussels to an audience of policymakers, business and academics, and framed a wider conversation about the future of EU competitiveness and the Single Market. We were joined by Enrico Letta, former Prime Minister of Italy and author of the report ‘Much more than a market’, to discuss his research and recommendations, presented earlier in April to the EU Council leaders.

At the event, Mr Letta drew comparisons between the CEO survey and his research about the state of the Single Market, reflecting on the internal fragmentation within the EU, the desire to bring down barriers whilst supporting businesses and consumers, and the momentum across EU capitals to be more competitive. Throughout the conversation, he brought to life his proposals for the re-industrialisation of the EU, the suggested Savings and Investments Union, the need for private capital in the climate transition and the idea of an EU fifth freedom that would allow for more research and innovation.

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Video

You can watch a recording of the conversation here:

Authors

Gilly Lord, Global Leader, Public Policy and Regulatory Affairs, PwC United Kingdom

Jacomien van den Hurk, Director EU Public and Regulatory Affairs, PwC Belgium

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