By Judith Ugwumadu | 17 February 2015
Business chief executives are urging governments across the world to tackle the burden of regulation and renew their focus on achieving fiscal balance, according to a PwC survey.
PwC’s 18th annual survey of over 1,300 CEOs in 77 countries showed that over-regulation remained at the top of the perceived threats to business. Over three-quarters (78%) of the bosses surveyed were ‘somewhat’ or ‘extremely’ concerned, up from 72% last year.
The survey found that these concerns were particularly high among CEOs in North America and those in large companies with over $10bn revenues
Some 72% of the bosses polled also admitted to being concerned with the lack of government action to address the fiscal deficit and debt burden. This was a particular problem for CEOs in developing countries.
The challenge remains for public sector organisations to ‘do better for less’ while focusing on the outcomes that society needs and wants, the survey stated.
PwC suggested that governments commit ‘to a renewed focus on achieving fiscal balance, with a spotlight on understanding and sustainably reducing costs while building the agility of public sector organisations to cope with changes in the future’.
Scott McIntyre, PwC’s global co-leader in the government and public services department, said: ‘Affordable government has become more important than ever, particularly in light of recurrent budget cuts to reduce fiscal deficits in many countries.
‘This means doing better for less – meeting rising citizen expectations by doing things differently to deliver services more effectively and efficiently and prioritising the public services that matter most to citizens, as well as to business.’
The survey also highlighted concerns about a rising tax burden. Seven in ten (70%) of the CEOs polled said they were ‘somewhat’ or ‘extremely’ concerned about an increasing taxes.
Fewer than four in ten (37%) CEOs think economic growth will improve this year, down from 44% last year.
