Davos 2026: CEOs uncertain on next steps as AI returns disappoint and Trump tariffs loom, says PwC chief

Nearly seven in ten chief executive officers globally are struggling with uncertainty and are unclear on how to move forward, PwC Global Chairman Mohamed Kande said, as companies grapple with muted returns from artificial intelligence investments and heightened uncertainty triggered by US President Donald Trump’s tariff threats, according to a Moneycontrol report.

Speaking to Moneycontrol in an interview on the sidelines of the World Economic Forum in Davos on January 19, Kande stated that the current environment has left many business leaders unsure of their next steps, with geopolitical developments and technology adoption challenges compounding decision-making pressures.

PwC’s 29th Global CEO Survey showed that only around 30 percent of CEOs are confident about revenue growth over the next 12 months, marking a five-year low. The figure has declined from 38 percent in 2025 and 56 percent in 2022, while the remaining respondents reported a lack of confidence in near-term growth prospects.

The survey is based on responses from 4,454 CEOs across 95 countries and territories.

Kande stated that a high degree of uncertainty around future developments is shaping CEO sentiment, with many leaders indicating that they do not know what to do next. He added that while companies continue to invest heavily in emerging technologies such as artificial intelligence, the adoption of AI has not yet delivered the benefits firms had expected, even as capital commitments remain ongoing.

He further informed that uncertainty around potential tariff actions by US President Donald Trump has added another layer of pressure, prompting companies to rethink their product strategies. Firms are reviewing existing offerings and considering how to re-enter innovation cycles to redesign products in ways that are more tariff-efficient, he said.

Amid the global uncertainty, India has shown relative resilience, PwC India Chairperson Sanjeev Krishan told Moneycontrol. He stated that India remained resilient through most of 2025 and that early signs of private investment are now beginning to emerge, complementing public sector investment.

Krishan added that, alongside the UK and Germany, India is currently the second most preferred investment destination for global investors, a marked improvement from the previous year when it ranked fifth. He said this improved positioning reflects growing investor confidence but noted that continued predictability in the business environment is essential for CEOs to make long-term decisions with greater clarity.