KPMG: 94% of Canadian CEOs are confident about growth
A new report from leading consultancy firm KPMG has revealed that Canadian Chief Executive Officers are on average far more optimistic about growth prospects than their global peers.
Whilst only 74% of global CEOs claimed expressed confidence in domestic growth, 94% of Canadians felt the same way. Further, 96% of CEOs at Canadian firms plan to be the disrupter compared to just 54% of their global counterparts.
“Despite much debate about the potential trade headwinds facing the country, Canadian CEOs have a positive outlook for their own businesses and our economy as a whole," says Benjie Thomas, Canadian Managing Partner, Advisory Services for KPMG in Canada.
“In fact, business leaders in Canada are feeling an unprecedented level of confidence that has them aggressively ready to take on the challenges and opportunities facing their companies.”
The findings in the KPMG 2018 Global CEO Outlook were compiled from a survey of more than 1,300 CEOs across the globe, asking questions about the biggest risks for businesses and the strategies that they are employing to overcome these.
Within the report, the widespread view of optimism in Canada is also reflected in the country’s attitudes towards technology and innovation. Whilst just 12% of global CEOs are already using artificial intelligence to automate their workloads, almost double (22%) are doing so in Canada.
Further, 58% of Canadian Chief Execs feel confident in their ability to deal with cyberattacks, more than twice the amount compared to the global average (26%).
“A focus on putting the right people and processes in place has 86 per cent believing they are now well prepared to contain the impact of a future attack – with 58 per cent saying they are very well prepared,” said Georgina Black, Partner & National Leader, Management Consulting for KPMG Canada.
For more information, see the full KPMG Global CEO Outlook report.
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”