Each quarter (since 2Q10), CFO Signals has tracked the thinking and actions of CFOs representing many of North America’s largest and most influential companies. All respondents are CFOs from the US, Canada, and Mexico, and the vast majority are from companies with more than $1 billion in annual revenue. The 1Q 2021 survey was open from February 8-19, 2021. A total of 128 CFOs participated, 69% from public companies and 31% from privately held companies.
Quarterly report Q1 perspectives global and spanish economy January 2019Círculo de Empresarios
.Overview of the economic situation Q1-2019
Despite being in a favourable economic cycle (global growth still above 3%), GDP estimates are being revised downwards (IMF, OECD, European Commission, etc.).
The striking main causes: economic cycle phase change, trade slowdown, Trump’s protectionism, monetary policy normalisation, political tensions stemming from populism (Brexit, Italy, etc.) and worse economic expectations in China and Germany.
The growth of world GDP exhibits less synchronisation than in January 2018. In advanced economies, the US expands at rates above 2%, supported by fiscal stimuli and an unemployment rate at record lows. In contrast, the EU loses strength due to the uncertainty associated with Brexit & Italy and the consequences of the trade war having a greater impact on the German external sector.
In emerging markets, on the one hand, given their high levels of debt, the evolution of their growth and inflation rates depend on the rise in US interest rates and the unfolding of oil prices. On the other hand, the financial instability resulting from the near end of the economic cycle and lower prospects for the growth in corporate profits in 2019 worry the financial markets, manifested through an increase in volatility.
The coronavirus pandemic continues to dominate headlines and in recent weeks has fanned fears of a global recession. With cases now rising across Latin America, and its economic impact on the region. Many regional central banks face complex and potentially unfavorable trade-offs when deciding how to properly calibrate their monetary policy responses
D&B's 2013 mid-year Global Economic Outlook gives an update on regional insights, upgrades and downgrades for countries around the world so far in 2013, as well as a prediction for these economies through 2017.
Quarterly report Q1 perspectives global and spanish economy January 2019Círculo de Empresarios
.Overview of the economic situation Q1-2019
Despite being in a favourable economic cycle (global growth still above 3%), GDP estimates are being revised downwards (IMF, OECD, European Commission, etc.).
The striking main causes: economic cycle phase change, trade slowdown, Trump’s protectionism, monetary policy normalisation, political tensions stemming from populism (Brexit, Italy, etc.) and worse economic expectations in China and Germany.
The growth of world GDP exhibits less synchronisation than in January 2018. In advanced economies, the US expands at rates above 2%, supported by fiscal stimuli and an unemployment rate at record lows. In contrast, the EU loses strength due to the uncertainty associated with Brexit & Italy and the consequences of the trade war having a greater impact on the German external sector.
In emerging markets, on the one hand, given their high levels of debt, the evolution of their growth and inflation rates depend on the rise in US interest rates and the unfolding of oil prices. On the other hand, the financial instability resulting from the near end of the economic cycle and lower prospects for the growth in corporate profits in 2019 worry the financial markets, manifested through an increase in volatility.
The coronavirus pandemic continues to dominate headlines and in recent weeks has fanned fears of a global recession. With cases now rising across Latin America, and its economic impact on the region. Many regional central banks face complex and potentially unfavorable trade-offs when deciding how to properly calibrate their monetary policy responses
D&B's 2013 mid-year Global Economic Outlook gives an update on regional insights, upgrades and downgrades for countries around the world so far in 2013, as well as a prediction for these economies through 2017.
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Political Risk Could Undermine the Global Recovery. Review Dun & Bradstreet's research on global trade and the political risks that could impair global economic outlook. Dun & Bradstreet partners with international finance departments, World Bank Governance Indicator publications, and other global economic outlook experts to create comprehensive fiscal world view.
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
2017 Global Economic Outlook by Dun & BradstreetDun & Bradstreet
Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.
Our coverage of the Americas this month includes a new report on Costa Rica, where the legislature continues to block tax reforms proposed by President Luis Guillermo Solís, even as the country pushes ever-closer to a full-blown fiscal
Export nations need to ensure that supply chains remain as intact as possible. This means that when and where credit insurers are withdrawing from covering international trade during this crisis, the government exceptionally steps in. Otherwise there is a risk a collapse of finely woven supply chains.”
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Our extensive coverage of the Americas this month
includes an update on the United States that will examine
whether the disappointing economic growth data for the
fourth quarter of 2015 is cause for deep concern, assess
the risk of further battling between President Barack
Obama and the opposition-controlled Congress that
could derail a weak but sustained recovery, and provide an
early assessment of how the November presidential and
congressional elections might turn out. PRS will also issue
an update on Guatemala, where a political crisis driven
by revelations of a massive network
Both domestic consumption (higher debt service and cost of living, slower pace of asset price appreciation, low real income gains) and capital expenditure (higher debt service, elevated current spending vis-à-vis GDP, weakening domestic demand, external uncertainties) is expected to ease off, with the fiscal impulse peaking, financial conditions tightening, and negative impact of prior dollar strength. This should taper labour market gains and keep inflation pressures benign. The extent of slowdown will be dependent upon the resiliency of private sector balance sheet and the subsequent impact on demand. It is imperative that the Fed stays ahead in managing overall debt servicing costs (short-run implications on demand; longer-run may short-circuit the feedback from demand to capital spending and future productivity), and limit the negative impact of policy on overall growth.
We like rates structurally, both on adequate valuations and as a hedge for risk assets, taking the under on the (largely) priced base case of a smooth 3 year (2018-2020) rate hiking cycle.
Policy Uncertainty Increased by Abbott’s Ouster - Prime Minister Tony Abbott has been ousted as leader of the main governing Liberal Party (LP), and will be replaced as head of government by Malcolm Turnbull, who convinced enough of his party colleagues that the coalition of the LP and its traditional partner, the National Party (NP), would lose
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Political Risk Could Undermine the Global Recovery. Review Dun & Bradstreet's research on global trade and the political risks that could impair global economic outlook. Dun & Bradstreet partners with international finance departments, World Bank Governance Indicator publications, and other global economic outlook experts to create comprehensive fiscal world view.
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
2017 Global Economic Outlook by Dun & BradstreetDun & Bradstreet
Learn from Dun & Bradstreet’s economists as they share our 2017 global economic outlook. Discover the top five economic game changers, take a look at the short-term economic outlook and view deep-dive analyses on featured countries.
Our coverage of the Americas this month includes a new report on Costa Rica, where the legislature continues to block tax reforms proposed by President Luis Guillermo Solís, even as the country pushes ever-closer to a full-blown fiscal
Export nations need to ensure that supply chains remain as intact as possible. This means that when and where credit insurers are withdrawing from covering international trade during this crisis, the government exceptionally steps in. Otherwise there is a risk a collapse of finely woven supply chains.”
Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, special audits, independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk management, and corporate governance. We have become trusted business advisors for companies of all sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Our extensive coverage of the Americas this month
includes an update on the United States that will examine
whether the disappointing economic growth data for the
fourth quarter of 2015 is cause for deep concern, assess
the risk of further battling between President Barack
Obama and the opposition-controlled Congress that
could derail a weak but sustained recovery, and provide an
early assessment of how the November presidential and
congressional elections might turn out. PRS will also issue
an update on Guatemala, where a political crisis driven
by revelations of a massive network
Both domestic consumption (higher debt service and cost of living, slower pace of asset price appreciation, low real income gains) and capital expenditure (higher debt service, elevated current spending vis-à-vis GDP, weakening domestic demand, external uncertainties) is expected to ease off, with the fiscal impulse peaking, financial conditions tightening, and negative impact of prior dollar strength. This should taper labour market gains and keep inflation pressures benign. The extent of slowdown will be dependent upon the resiliency of private sector balance sheet and the subsequent impact on demand. It is imperative that the Fed stays ahead in managing overall debt servicing costs (short-run implications on demand; longer-run may short-circuit the feedback from demand to capital spending and future productivity), and limit the negative impact of policy on overall growth.
We like rates structurally, both on adequate valuations and as a hedge for risk assets, taking the under on the (largely) priced base case of a smooth 3 year (2018-2020) rate hiking cycle.
Policy Uncertainty Increased by Abbott’s Ouster - Prime Minister Tony Abbott has been ousted as leader of the main governing Liberal Party (LP), and will be replaced as head of government by Malcolm Turnbull, who convinced enough of his party colleagues that the coalition of the LP and its traditional partner, the National Party (NP), would lose
Positive signs of a continued recovery were prevalent in Q1 2021, with vaccinations gaining critical mass, GDP showing growth, and the country opening back up for business. Additionally, M&A continues to be a tidal wave of activity, preparing to make landfall in Q4 2021.
Stewardship a presidential report card v4 r significant foreign influenceBrij Consulting, LLC
More than 1000 prominent Economists have asked for a referendum on the Trump Administration. We have added our Economic Report to the Subject, in V2 we show the econometric means to rebuild our country and in V3 explain the Debt Ratio and how it has been violated by the current administration, but has the means to be challenged and V4 shows the Evidence of Significant Foreign Influence on Domestic Affairs Our Revision demonstrates the need for SOCIAL JUSTICE
Data Digest #9: Vietnam Stock Market: Embracing New Normal amidst COVID!FiinGroup JSC
COVID-related impacts on the Value could be somehow predictable. In this Report, we conduct an in-depth analysis on factors determining SUPPLY in correlation with DEMAND, instead of purely analyzing corporate fundamentals like before. Under the current circumstance, factors determining DEMAND or affecting money flow and investor sentiment, in our view, are the most important and need taking into serious consideration.
We are trying to make a plenty of data-driven comparisons on impacts of different COVID waves (the first in Q1-2020 and the fourth now) to support you in having assessments on your own. Accordingly, this Report aims to give in-depth analysis and data-driven findings on which sectors or companies could be beneficiaries from the pandemic, especially once the “Embracing the Covid-19” strategy is confirmed.
Download our full report: https://bit.ly/FiinPro-Digest-9-EN
By Principal
Global outlook: Slowing growth but a world in better health. We expect the global economy to grow at a slower pace in 2022 as fiscal and monetary tailwinds fade. Inflation, supply chains, and central banking policies will be key for investors in an environment where pandemic-induced changes and disruptions continue to reverberate.
Inflation: Persistent or transient? We believe inflation is likely to remain elevated in 2022 and recommend investors be open-minded on the impact to their portfolio construction and rebalancing needs. Once supply chain bottlenecks and labor pressures ease, we expect inflation to moderate.
Monetary policy will be in the crosshairs. Central banks have indicated that the clock is ticking down on extraordinary monetary policies in response to COVID-19. Given the uncertainty around inflation, policy shifts
will be challenging to execute and there will be significant pressure on central banks to get policy “just right”.
Change induced by the pandemic is creating investment opportunities.
Our investment strategy identifies key themes and strategic drivers that have been strengthened by the pandemic. Niche, or non-traditional sectors, that remained particularly resilient are one of the most significant
investment opportunities emerging from the pandemic.
Office demand has weakened and may rebalance the sector. Lower-quality or poorly located offices in urban markets are clearly disrupted and need to be treated with caution. Investors need to enhance their
opportunity set to markets that offer a compelling mix of lifestyle, talent, and demographics while focusing on high-quality assets that are positioned to meet the evolving environmental, social, and governance (ESG) needs of tenants.
What: The Economic Forecast Forum presented by Adkin CPA PLLC and Chapel Hill Media Group
When: Thursday, February 22, 2024 from 8:00am-10:00am
8:00am-8:30am: Coffee networking
8:30am-10:00am: Program
Where: The Lumina Theater
Why: The purpose of this forum is for Chamber members and friends to receive timely information on the current performance and future predictions of our national, state, regional, and local economy.
How: This forum will be divided into two segments. The first segment will feature Dr. Walden's forecast for our national, state, and regional economy. The second segment will feature Chamber President and CEO Aaron Nelson's summary of findings from The Chamber's annual local economic conditions survey.
Sponsored by: Chapel Hill Media Group, The Lumina Theater, and Weaver Street Market.
Running head COMPARISON OF SOUTH KOREA AND USA .docxtodd271
Running head: COMPARISON OF SOUTH KOREA AND USA 1
COMPARISON OF SOUTH KOREA AND USA 6
COMPARISON OF SOUTH KOREA AND USA
Applied Managerial Economic
April 15, 2020
To asses and look at the Gross domestic product and different elements of the nation, it is significant for rulers to contemplate the administrative, financial aspects. Administrative, financial matters are the training of how phenomenal assets are assimilated most expertly to achieve administrative zones. It is an esteemed gear for inspecting business conditions to take better ends. We can concentrate as a matter of first importance the interest and its different components influencing the interest; it would be the primary substances of any nation or individual development. To assess the Gross domestic product of any nation, it is significant for the researcher to look at the interest capacities and their employment rate.
In 2018, the normal inflation rate in South Korea added up to about 1.48 percent contrasted with the earlier year, while in the USA added up to about 2.4 percent.
High paces of inflations are unfortunate, much the same as low rates, and South Korea is right now battling with the last mentioned. South Korea is really a prosperous nation and at present positions eleventh on the rundown of the 20 nations with the biggest Gross domestic product; however, its inflation rate is liable to worry, as it is right now at levels beneath 2 percent (Plecher, 2019).
Notwithstanding, there is still an expectation that inflation will come back to steady rates somewhere in the range of 3 and 4.5 percent. At present, South Korea is endeavoring to adjust its dependence on exports by growing the services industry, particularly as the export marketplace declines.
Gross domestic product is the aggregate of business offering manufactured in a nation annually; it is a solid pointer of financial quality. In 2018, South Korea's Gross domestic product was about 1.72 trillion U.S. dollars. While the USA's Gross domestic product was about 20.58 trillion dollars
In the USA, the economy is relied upon to develop at a gentler pace this year. Obscuring monetary upgrade and frail business venture will diminish development, while further drawback dangers radiate from a submissive worldwide crisis, the coronavirus epidemic and the impacts of waiting for exchange pressures. Economists see Gross domestic product extending 1.7% in 2020, declining 0.1 rate points from previous month prediction and in 2021, its 1.8 percent (U.S. Economic Outlook, 2020).
In South Korea, this year, monetary development is relied upon to speed up marginally because of improvement in fixed speculation and as the innovation and development parts fortify. Eventually, more vulnerable than-anticipated development in China, the coronavirus pandemic in the locale and political strains with Japan present significant draw.
Summary The global economic situation
The pandemic caused by Covid 19 and the subsequent health and economic impact led to a 3 3 fall in global GDP in 2020 with China being the only major economy to register positive growth 2 3 After a year of the pandemic, a high level of uncertainty remains about how the future will pan out in both pidemiological and economic terms With good progress in the vaccination
programs and the stimulus measures, a return of confidence is expected, as well as the disappearance of any mobility and activity restrictions This, in turn, should lead to an upturn in growth which, according to the IMF, will reach 6 provided that any virus variants and doubts on the efficiency and safety of the vaccines do not dampen these expectations Recovery will be uneven among countries and in good measure it will depend on their productive structures Those with economies dependent on tourism and
sectors that require greater social contact will feel the negative effects of the crisis for longer
Similar to What North America’s top finance executives are thinking - and doing (20)
The world stands to lose close to 10% of total economic value by mid-century if climate change stays on the currently-anticipated trajectory, and the Paris Agreement and 2050 net-zero emissions targets are not met.
Many emerging markets have most to gain if the world is able to rein in temperature gains. For example, action today to get back to the Paris temperature rise scenario would mean economies in southeast Asia could prevent around a quarter of the gross domestic product (GDP) loss by mid-century that they may otherwise suffer. Our analysis in this report is unique in explicitly simulating for the many uncertainties around the impacts of climate change. It shows that those economies most vulnerable to the potential physical risks of climate change stand to benefit most from keeping temperature rises in check. This includes some of the world's most dynamic emerging economies, the engines of global growth in the years to come. The message from the analysis is clear: no action on climate change is not an option.
Promise and peril: How artificial intelligence is transforming health careΔρ. Γιώργος K. Κασάπης
AI has enormous potential to improve the quality of health care, enable early diagnosis of diseases, and reduce costs. But if implemented incautiously, AI can exacerbate health disparities, endanger patient privacy, and perpetuate bias. STAT, with support from the Commonwealth Fund, explored these possibilities and pitfalls during the past year and a half, illuminating best practices while identifying concerns and regulatory gaps. This report includes many of the articles we published and summarizes our findings, as well as recommendations we heard from caregivers, health care executives, academic experts, patient advocates, and others.
This report covers the judicial use of the death penalty for the period January to December 2020.
As in previous years, information is collected from a variety of sources, including: official figures; judgements; information from individuals sentenced to death and their families and representatives; media reports; and, for a limited number of countries, other civil society organizations.
Amnesty International reports only on executions, death sentences and other aspects of the use of the death penalty, such as commutations and exonerations, where there is reasonable confirmation. In many countries governments do not publish information on their use of the death penalty. In China and Viet Nam, data on the use of the death penalty is classified as a state secret. During 2020 little or no information was available on some countries – in particular Laos and North Korea (Democratic People’s Republic of Korea) – due to restrictive state practice.
Aviva’s first How We Live report was published in September 2020 when the world was firmly in the grip of a global pandemic. In the UK the vaccination programme is well underway and the mood of the nation is hopeful. This latest How We Live report looks at the long-term effects of the Coronavirus outbreak and considers its impact on our future behaviours.
We interviewed 4,000 adults across the UK to gather their views on a wide range of lifestyle decisions including property priorities, home-working, green living, career paths, vehicle choices and holiday plans. We also asked whether people had experienced any positive outcomes from the Covid pandemic. This report considers the practical and emotional skills which have been fostered as a result. Since the beginning of 2020, the UK has seen immense change. As we look forward to a sense of “normality” it remains to be seen which aspects of life will return to their previous states, and where we can expect changes to become permanent fixtures.
The life insurance industry provides protection against the financial consequences of the premature death of a family breadwinner, disability, or outliving one’s retirement assets. But how are life insurance products actually designed and priced?
Product committees comprising agents, underwriters, actuaries, and senior management sit and discuss what new products should be offered. The agents have vast experience visiting with policyholders to determine their needs. Underwriters set the guidelines on which policyholders will be accepted and/or rated. Smart actuaries (while most would find this redundant, some would call it an oxymoron) assess the potential risks in these products and set a potential price. Senior management listens to agents, underwriters, and actuaries and helps finalize the product design, the guidelines for accepting risks, and the price. The programmers will also have to be contacted to determine the cost of administering the products. Many iterations of these discussions may take place before a product is ready for sale. The entire process could take up to a year.
Some of these products are quite complex, taking into account long-term interest rates and probabilities of death/survival, disability, and lapse. With this lengthy and rigorous process, one would imagine that few mistakes are made. However, this is not the case. What follows are a few examples of major product mistakes which cost the life insurance industry a lot of time, money, and bad publicity.
The COVID-19 pandemic and subsequent lockdowns forced many insurers to accelerate the transition to digital business models. In many countries, this transition has been remarkably successful, however, the crisis also highlighted the critical role played by national regulatory frameworks in both hindering and facilitating the shift to digitalisation in the insurance industry. COVID-19 lockdowns highlighted the critical role of national regulatory frameworks in both hindering and facilitating the shift to digitalisation in the insurance industry. Digitalisation is not a goal in itself, but provides insurers and their customers with benefits that are particularly useful in situations where in-person interactions cannot take place, played out in its fullest form during the COVID-19-induced lockdowns. Digitalisation drives an increase in speed and efficiency, irrespective of where the customer is located, and promises improved customer service and satisfaction.
The Internet of Things (IoT) has been developing over the last 20 years and is often referred to as Industry 4.0 or the “fourth industrial revolution.” It is an umbrella term for all the digital assets and entities connected to the internet. Many of these are intangibles, such as data, human capital via artificial intelligence (AI), intellectual property (IP), and cyber; as such, they need to be made tangible to address value on a balance sheet. Others are connected entities, such as sensor devices, collecting and receiving information in an intelligent fashion across networks.
The rapid rise of online political campaigning has made most political financing regulations obsolete, putting transparency and accountability at risk. Seven in 10 countries worldwide do not have any specific limits on online spending on election campaigns, with six out of 10 not having any restrictions on online political advertising at all.
Highlights
• On average, concerns over Innovation was ranked highest, followed by Implications of Covid-19 • Respondents indicated innovation is important, but are mostly in process
• Respondents were mostly confident in implementing their innovation plans.
• Nearly half of respondents indicated their focus was on the customer experience • Most respondents expect some negative impact from Covid-19, with decreased profit indicated most, followed by decreased sales effectiveness, which are likely related
• The most common change in response to the Covid-19 impact were workplace and staffing changes, followed by technology investments
• Of the respondents, 92% indicated cyber security was important or very important.
• Continuous effort was ranked highest, and Mitigating internal threats, Identifying external threats, and Prioritizing identifying cyber risks were ranked next.
• While 95% of respondents indicated emerging threats were important or very important, 28% Indicated they were very good at responding to them
• For resiliency and sustainability, corporate ESG and R&S for internal operations were ranked as the highest priorities
iis the institutes innovation covid-19
Democratic watchdog organization Freedom House has released its annual ranking of the world's most free and most suppressed nations.
The report is a key barometer for global democracy and this year's edition found that global freedom has declined for the 15th straight year. 2020 was a turbulent year with the pandemic, violent conflict and economic and physical insecurity leading to democracy's defenders sustaining heavy losses against authoritarian foes which has resulted in a shift in the internatioal baance in favor of tyranny.
A total of 195 countries and 15 territories were analyzed on their levels of access to political rights and civil liberties with the number experiencing a deterioration in their freedom scores exceeding the number that saw improvement by the widest margin since 2006. In 2020, nearly 75 percent of the world's population lived under a government that saw its democracy score decline in the past year.
Women, Business and the Law 2021 is the seventh in a series of annual studies measuring the laws and regulations that affect women’s economic opportunity in 190 economies. Amidst a global pandemic that threatens progress toward gender equality, the report identifies barriers to women’s economic participation and encourages reform of discriminatory laws. This year, the study also includes important findings on government responses to the COVID-19 crisis and pilot research related to childcare and women’s access to justice.
Strong competition undoubtedly contributes to a country’s productivity and economic growth. The primary objective of a competition policy is to enhance consumer welfare by promoting competition and controlling practices that could restrict it. More competitive markets stimulate innovation and generally lead to lower prices for consumers, increased product variety and quality, more entry and enhanced investment. Overall, greater competition is expected to deliver higher levels of welfare and economic growth.
Long-erm Care and Health Care Insurance in OECD and Other CountriesΔρ. Γιώργος K. Κασάπης
This report carries out a stocktaking of what systems have in OECD and non-OECD countries for longterm care and health care, as well as the types of insurance products that are made available in these countries. It is part of a broader project that examines the complementarity of the social security network with the private insurance market, which examines how insurance could support the public sector longterm care and health care systems, as well as considering the financing of long-term care and health care.
This tenth edition of Global Insurance Market Trends provides an overview of market trends to better understand the overall performance and health of the insurance market. This monitoring report is compiled using data from the OECD Global Insurance Statistics (GIS) exercise. The OECD has collected and analysed data on insurance in OECD countries, such as the number of insurance companies and employees, insurance premiums and investments by insurance companies, dating back to the 1980s. Over time, the framework of this exercise has expanded and now includes key items of the balance sheet and income statement of direct insurers and reinsurers.
Does AI threaten and undermine human value in the workplace more than any other technology? There have been significant advances in AI, but will their impact really be different this time?
This literature review takes stock of what is known about the impact of artificial intelligence on the labour market, including the impact on employment and wages, how AI will transform jobs and skill needs, and the impact on the work environment. The purpose is to identify gaps in the evidence base and inform future research on AI and the labour market.
The OECD has estimated that 14% of jobs are at high risk of automation.
•Despite this, employment grew in nearly all OECD countries over the period 2012-2019.
•At the country level, a higher risk of automation was associated with higher employment growth over the period. This might be because automation promotes employment growth by increasing productivity, although other factors are also at play.
•At the occupational level, however, employment growth was much lower in occupations at high risk of automation (6%) than in occupations at low risk (18%).
•Low-educated workers were more concentrated in high-risk occupations in 2012 and have become even more concentrated in these occupations since then.
•The low growth in jobs in high risk occupations has not led to a drop in the employment rate of low-educated workers. This is largely because the number of workers with a low education has fallen in line with the demand for these workers.
•Going forward, however, the risk of automation is increasingly falling on low-educated workers and the COVID-19 crisis is likely to accelerate automation, as companies reduce reliance on human labour and contact between workers, or re-shore some production.
Prescription drug prices in U.S. more than 2.5 times higher than in other cou...Δρ. Γιώργος K. Κασάπης
Prescription drugs cost an average of 2.56 times more in the United States than they do in 32 other countries, according to a new report from RAND Corporation.
That disparity is even greater for brand name drugs, with U.S. prices averaging 3.44 times those in comparison nations. The study also found that prices for unbranded generic drugs — which account for 84% of drugs sold in the United States by volume but only 12% of U.S. spending — are slightly lower in the United States than in most other countries.
‘A circular nightmare’: Short-staffed nursing homes spark Covid-19 outbreaks,...Δρ. Γιώργος K. Κασάπης
Nursing homes have suffered grievously in the coronavirus pandemic. Chronically understaffed, that’s getting worse, a new US Pirg Education Fund analysis says. The shortage of direct-care workers rose from 20% of U.S. nursing homes in May to 23% in December. Too few workers raises stress among staff, the authors argue, making them and the residents they care for more vulnerable to Covid-19 infections, reducing staff further in “a circular nightmare.”
Keeping the lights on, the water running, and the landlord at bay could turn out to be good ways to control Covid-19 infection, a new NBER (National Bureau of Economic Research) analysis suggests, based on the idea that social distancing is easier for people who can stay home. When utility shutoffs and evictions were halted, Covid-19 cases in certain counties across the country fell by 8% from March through November 2020, the report says. The study can't prove cause and effect, but the authors venture that if such measures had been implemented nationwide, eviction moratoria would have resulted in a 14% decrease in Covid-19 cases and up to a 40% decrease in deaths. Utility shutoff moratoria would have cut infections by 9% and deaths by 15%, the study estimates.
Every year, the Allianz Risk Barometer identifies the most important corporate perils for the next 12 months and beyond, based on the insight of more than 2,700 risk management experts from 92 countries and territories. What are the top business risks for 2021?
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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What North America’s top finance executives are thinking - and doing
1. 4th quarter 2020
High-level report
CFO Signals™
What North America’s top finance
executives are thinking—and doing
2. -10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2Q13
4Q13
2Q14
4Q14
2Q15
4Q15
2Q16
4Q16
2Q17
4Q17
2Q18
4Q18
2Q19
4Q19
2Q20
4Q20
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2Q13
4Q13
2Q14
4Q14
2Q15
4Q15
2Q16
4Q16
2Q17
4Q17
2Q18
4Q18
2Q19
4Q19
2Q20
4Q20
North America
Europe
China
7/43
2/32
22/47
Better
in a year
Last
quarter
2-yr.
avg.
59%
37%
60%
50/36
7/17
21/29
Revenue growth (YOY)
Earnings growth (YOY)
Capital investment growth (YOY)
Domestic personnel growth (YOY)
Own-company optimism (net) +46
7.7%
13.8%
8.0%
1.7%
2.6%
3.7%
2.4%
0.5%
+11
This
quarter
Last
quarter
2-yr.
avg.
Well below two-year average Well above two-year average
Well above last quarter
Well below last quarter
CFO Signals™
4th Quarter 2020: Optimism entering 2021, but near-normal operations mostly expected second half or later.
Longitudinal business outlook highlights (Please see this quarter’s report for one-off “special topics” findings.)
• The proportion of CFOs rating the current North American economy as good or very good rose from 7% to 18%, but 26% still rate
it is bad or very bad; those expecting better conditions in a year rose from 43% to 59%.
• Assessments of Europe’s current and future economies held at 5% and 37%, respectively; those for China’s current economy rose
sharply (22% to 47%), and 60% expect better conditions in a year—with views on China again above those for North America.
Views on North American economy (vs. US GDP)
• The own-company optimism index rose slightly from +43 to +46 on strongly positive sentiment in all industries except
Energy/Resources. (Index = percent of CFOs citing rising optimism regarding their company’s prospects minus the percent citing falling optimism.)
• The performance index rebounded from 61 to 85 on recovering revenue and earnings growth expectations; Retail/Wholesale
is by far the most optimistic about a YoY recovery. (Index = average of percentages of CFOs citing positive YOY revenue growth and earnings growth.)
• The expansion index rose from 41 to 56 on markedly better capital spending expectations; Services, Healthcare/Pharma, and
Retail/Wholesale are very strong for investment. (Index = average of percentages of CFOs citing positive YOY capital spending growth and domestic hiring growth.)
US GDP = percent change from preceding quarter in real US gross
domestic product (source: Bureau of Economic Analysis table 1.1.1)
1
ECONOMIC
OUTLOOK
COMPANY
OUTLOOK
Good
now
18%
5%
47%
Economy optimism
Performance index (revenue & earnings)
Own-company
optimism index
Expansion index (capex & hiring)
Company optimism and growth
Company indexes
Better in a year
Good now
US GDP1 (right-hand axis)
Deloitte CFO Signals™
2
Well below two-year average Well above two-year average
Well above last quarter
Well below last quarter
(2Q20 GDP=-31.4%)
+43
1.0%
3.7%
0.2%
0.2%
59%
18%
+85
+46
+56
(3Q20 GDP=33.1%)
3. Deloitte CFO Signals™
3
About the survey
Survey leaders
Greg Dickinson
Managing Director, CFO Signals
Deloitte LLP
Lori Calabro
Editor, Global CFO Signals
Deloitte LLP
Contacts
Steven Gallucci
National Managing Partner, US CFO Program
Deloitte LLP
Global Leader, CFO Program
Deloitte Touche Tohmatsu Limited
Contents and background
Survey responses
Survey period: 11/9-11/13
Total responses: 148
• CFO proportion: 100%
• Revenue >$1B: 75%
• Public/private: 71%/29%
About the CFO Signals survey
Each quarter (since 2Q10), CFO Signals has
tracked the thinking and actions of CFOs
representing many of North America’s largest and
most influential companies.
All respondents are CFOs from the US, Canada,
and Mexico, and the vast majority are from
companies with more than $1 billion in annual
revenue. For a summary of this quarter’s
response demographics, please see the sidebars
and charts on this page. For other information
about participation and methodology, please
contact nacfosurvey@deloitte.com.
Participation by country*
39
14
12 13
33
9
6
17
5
* Sample sizes for some charts may not
sum to the total because some
respondents did not answer all
questions.
Participation by industry*
US
85%
Canada
9%
Mexico
6%
Contents
Summary and context 4
Findings at a glance 5
Topical findings 6
Longitudinal data and
survey background 19
Additional findings in full report
(please contact nacfosurvey@deloitte.com)
• Detailed findings (by industry)
• Industry-by-industry trends
• Country-by-country trends
4. Deloitte CFO Signals™
4
Summary and context
Optimism entering 2021, but near-normal operations mostly expected second half or later.
Key developments since the 3Q20 survey
Finishing out a difficult 2020, just over 40% of CFOs
expect to achieve 95% or more of their originally
budgeted 2020 revenue, with the average
expecting 88% (Retail/Wholesale is lowest at 69%).
Consistent with their near-term COVID-19 worries
and hopes for a broadly available vaccine later next
year, nearly two-thirds do not expect pre-crisis
operating levels until at least the second half of
2021, and 26% do not expect to get there until
1Q22 or later (especially in Retail/Wholesale,
Manufacturing, and Services).
CFOs mostly say their companies’ 2021 strategies
will not be substantially different from pre-
pandemic. There are predictably strong industry
differences, but there seems to be a general trend
toward M&A-driven growth, broader offerings, a
smaller real estate footprint, and more diversified
supply chains.
From an economic standpoint, about three-quarters
of CFOs expect the US economy to improve in
2021, with the outlooks for Canada and Mexico also
mostly positive. Still, few expect their economies to
grow faster over the next five years than they were
pre-pandemic.
From a capital markets standpoint, CFOs mostly
expect rates to stay low (but are fairly split) and for
bond yields to remain below 2%. They expect the
renminbi to appreciate against the US dollar (and
for its use as a trading currency to rise substan-
tially) and for use of digital currencies for business
transactions to rise. With the S&P 500 above 3,500,
nearly 60% expect it to be higher by the end of the
year—even though 80% also say it is overvalued.
Finally, in expressing their policy views as a new
administration takes over, CFOs overwhelmingly
support a new stimulus package, infrastructure
investment, de-escalating US-China trade tensions,
less protectionist trade, and the federal government
leading a COVID-19 response. Although there are
industry differences, CFOs’ hopes for Washington
center largely on improved bipartisanship and
cooperation in getting important things done, and
on unifying the country with more “moderation,”
“transparency,” and “decency.”
It is difficult to imagine a more eventful time to
be asking CFOs about their sentiment and
expectations going into a new year. And with a
broad range of factors layering uncertainty on
top of uncertainty, there may have never been a
more “unfair” time to do so. Still, companies
cannot escape the need to formulate, adapt, and
communicate their plans, and CFOs have already
been helping them do it through nine of the
toughest months in recent history.
Back in 2Q20, CFOs expressed escalating worries
about the economic impacts of COVID-19, but
confidence in their ability to manage risks as the
US economy began to reopen. In our mid-cycle
poll, having executed a substantial reopening,
they were still mostly expecting safe, profitable
operations as the process continued. At the same
time, though, they cited sharply rising pessimism
about how quickly economic activity and their
own revenue could return to pre-crisis levels.
Last quarter, with the virus continuing to spread,
US elections on the horizon, and Congress failing
to reach a second stimulus deal, perceptions of
the North American economy faltered—and fell
behind those of the Chinese economy for the first
time in survey history.
Since then, the pandemic has accelerated into
the fall, US GDP has grown strongly (but not to
its pre-pandemic level), and Congress still has
not agreed on a new stimulus package. Adding to
the volatility, and right before this quarter’s
survey opened, Joe Biden was projected to have
defeated Donald Trump in the US presidential
election, and an effective COVID-19 vaccine was
announced.
So where does this leave CFOs as they look
toward 2021? The short answer is “concerned
about the first half, but optimistic about the
second half onward.” News of an effective vac-
cine seems to be driving a general belief that,
despite a grim outlook for winter virus infections,
broader vaccine availability later in the year pro-
vides a light at the end of the proverbial tunnel.
• Joe Biden was projected the winner of the US
presidential election, and the Trump administration
filed court challenges to the results; Democrats held
the House (but lost seats), and the Senate balance
will depend on a January run-off election in Georgia.
• COVID-19 infections accelerated, with 52m global
cases and 1.3m deaths as of 11/11 (up from 18m
and 0.7m as of 8/5, respectively); an effective
vaccine was announced, and stock prices soared.
• Third-quarter US GDP grew at the fastest pace ever,
but remained below pre-pandemic levels; personal
income fell with the expiration of government stim-
ulus, but savings enabled higher consumer spending.
• Congress again did not agree on a second stimulus
package.
• Having sharply cut rates and raised asset purchases
in March, the US Fed left rates unchanged in July and
November; Chairman Powell again warned that the
current outbreak of the virus threatens the economy.
• The S&P 500 rose 7% between surveys, hitting new
highs in September and during the survey period.
• Europe’s GDP grew strongly in the third quarter, but
remained below the level from a year ago.
• Mexican economic growth slowed in August following
a stronger July, consistent with other signals of a
moderation in the pace of the recovery.
• Canada’s GDP continued to recover, but the pace
slowed; employment grew faster than expected.
• Third-quarter Chinese GDP grew strongly, but slower
than expected; exports grew strongly, especially to
the US; imports from the US fell, while imports from
the rest of the world accelerated.
5. Deloitte CFO Signals™
5
Perceptions
How do you regard the North American, European, and Chinese
economies? Eighteen percent of CFOs rate the North American
economy as good, and 26% rate it is bad (much better than last
quarter’s 60%); those expecting better conditions in a year rose from
43% to 59%. Europe was flat at 5% and 37%, and China improved
markedly to 47% and 60%. Page 7.
What is your perception of the capital markets? With continuing
low interest rates, 87% of CFOs again say debt financing is attractive.
With equities continuing to climb, equity financing attractiveness rose to
44% (39% to 46% for public company CFOs, and 38% to 41% for
private company CFOs). Eighty percent now say US equity markets are
overvalued (down from 84%), again among the highest levels in survey
history. Page 8.
Sentiment
Compared to three months ago, how do you feel about your
company’s financial prospects? The proportion of CFOs saying they
are more optimistic rose slightly from +43 to +46. Fifty-seven percent
expressed rising optimism, and just 11% cited falling optimism. Page 9.
Expectations
What is your company’s business focus for the next year?
Following the first-ever shift toward cost reduction over revenue growth
in 2Q20, companies continued to expand their revenue focus this
quarter; the bias toward current geographies and organic growth
continues. Page 10.
How will your key operating metrics change over the next 12
months? Consistent with strong growth out of pandemic-driven lows,
expectations for most metrics (and for most industries) rose
substantially—several to multi-year highs. Revenue growth rose from
1.0% to 7.7%, and earnings growth rose sharply from 3.7% to 13.8%
(both are now at 9-year highs). Capital spending rose sharply from
0.2% to 8.0% (2-year high). Domestic hiring climbed from 0.2% to
1.7%, and dividend growth rose from 1.1% to 2.5%. Page 11.
Special topic: Company-level recovery
How do you expect your final 2020 revenue to compare to your
pre-pandemic expectations? Just over 40% of CFOs say they expect
95% or more of their budgeted revenue, with the average at 88%.
Healthcare/Pharma, Technology, and Financial Services are the most
optimistic; Retail/Wholesale is by far the least. Page 12.
When do you expect your company to return to a near-normal
operating level? Just 18% say they are already at/above their pre-
crisis operating level or will be by the end of 2020 (down from May and
August); 64% say 3Q21 or later, and 26% say 1Q22 or later (mostly
Retail/Wholesale, Manufacturing, and Services). Page 13.
Findings at a glance
Special topic: 2021 expectations
What are your expectations for your company? There are industry differences, but
there is a general trend toward M&A, broader offerings, a smaller real estate footprint, and
diversified supply chains. Other expectations vary greatly by industry. Page 14.
What are your expectations for the macroeconomic environment? About 75% of
CFOs expect the US economy to improve, with outlooks for Canada and Mexico also positive.
Few expect economies to grow faster over the next five years than pre-pandemic. Page 15.
What are your expectations for the capital markets environment? CFOs mostly
expect rates to stay low (but are fairly split) and expect bond yields below 2%. They expect
the renminbi to gain on the US dollar and for its use as a trading currency to rise
substantially; expectations for the euro and digital currencies rose as well. Page 16.
Special topic: Government policy views
What are your views on US government policy over the next four years? CFOs
overwhelmingly support a second stimulus package, infrastructure investment, de-escalating
US-China trade tensions, less protectionist trade, and the federal government leading a
COVID-19 response. Industry differences are substantial. Page 17.
What are your hopes for Washington over the next four years? CFOs’ hopes center
largely on bipartisanship and cooperating to get important things done; they also expressed
hopes to unify the country with “moderation,” “transparency,” and “decency.” Page 18.
4Q20 Survey Highlights
• Just 18% of CFOs rate the North American economy as good, but 59%
expect better conditions in a year; views on China improved and led.
• Own-company optimism was again strong, rising slightly to +46.
• YOY growth expectations continued to rebound from pandemic-driven lows
across all industries, with several hitting multi-year highs.
• On average, CFOs say they expect to achieve 88% of their originally
budgeted 2020 revenue; there are substantial industry differences.
• Eighty percent of CFOs say equities are overvalued, but nearly 60% expect
the S&P 500 to be higher at the end of next year.
• Just 18% say they are already at/above their pre-crisis operating level or will
be by the end of 2020; 64% say 3Q21 or later, and 26% say 1Q22 or later.
• About 75% of CFOs expect the US economy to improve in 2021; few expect
faster growth over the next five years than pre-pandemic.
• CFOs mostly expect low interest rates and yields below 2% in 2021. They
expect the renminbi to gain on the US dollar and for its use as a trading
currency to rise substantially; expected use of digital currencies rose.
• CFOs overwhelmingly support a stimulus package, infrastructure investment,
de-escalating US-China trade tensions, less protectionist trade, and the
federal government leading a COVID-19 response.
7. Deloitte CFO Signals™
7
Assessments of regional economies
Perceptions
Perceptions of the North American
economy improved, but still appear
constrained by worries about continuing
COVID-19 impacts—especially through the
first half of 2021. Perceptions of China’s
economy exceeded those of North
America for the first time last quarter, and
the gap widened this quarter.
Assessments of the North American economy
were declining through 2019, but rose in 1Q20
(possibly influenced by a new US-China trade
deal). Then COVID-19 struck—leading just 1%
of CFOs to rate the economy as good and only
58% to expect better conditions in a year.
Last quarter, the proportion citing good current
conditions was just 7%, and the proportion
expecting improvement in a year slid to 43%.
This quarter’s numbers rose to 18% and
59%—better, but not markedly so. Based on
other survey findings, the trepidation seems to
stem from expectations of a slow first half of
2021 due to the path of COVID-19.
Perceptions of Europe’s economy had been
receding since 1Q18, but rebounded in the first
quarter on the heels of Brexit’s completion.
Last quarter, though, current assessments
dropped to 2%, with 32% expecting better
conditions in a year. This quarter’s numbers
came in only slightly better at 5% and 37%.
Perceptions of China’s economy were poor
early in the pandemic, but they are now the
relative bright spot. Nearly half cite good
conditions now, and 60% expect better
conditions in a year.
Economic optimism
How do you regard the North American, European, and Chinese economies? Percent of
CFOs saying current conditions are good or very good, percent saying conditions next year will be
better or much better, and percent saying both (dotted line)
North America
Europe
China
0%
20%
40%
60%
80%
100%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
0%
20%
40%
60%
80%
100%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
0%
20%
40%
60%
80%
100%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
Good now Better in a year Economic optimism index1
1 Indexes reflect the percentage of respondents who rate current economic conditions as “good” or “very good”
and who also expect “better” or “much better” conditions in a year.
59%
5%
37%
47%
60%
12%
3%
36%
18%
8. Deloitte CFO Signals™
8
0%
20%
40%
60%
80%
100%
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1800
2150
2500
2850
3200
3550
0%
20%
40%
60%
80%
100%
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
Assessments of markets and risk
Perceptions
Equities regarded as overvalued following
a sharp recovery and historic highs. The
S&P 500 fell nearly 30% in March, then
recovered strongly in April and May—netting a
16% decline between our 1Q20 and 2Q20
surveys. The index has since continued its
steep climb, rising 17% between our 2Q20 and
3Q20 surveys, and another 7% between last
quarter and this one—hitting historic highs
along the way. Eighty percent of CFOs now say
equity markets are overvalued (the fifth-
highest level in survey history), and just 5%
say they are undervalued.
Attractiveness of both debt and equity
financing near survey highs. With
continuing low interest rates (the US Fed again
held the target rate range at 0%-0.25% in
November), debt attractiveness held steady at
87%. With equity markets near historic highs,
equity financing attractiveness rose from 39%
to 44% (39% to 46% for public company CFOs
and 38% to 41% for private company CFOs).
Recovering appetite for risk-taking. The
proportion of CFOs saying it is a good time to
be taking greater risk flatlined around 40%
through 2019. With the emergence of the
pandemic, it dipped to just 27% in 2Q20. Since
then, however, it has risen to 49%—back in
line with the five-year average.
Debt attractive
Equity attractive
80%
15%
5%
Equity market valuations
How do you regard US equity market valuations? Percent of CFOs saying markets are
overvalued, undervalued, or neither (compared to S&P 500 price at survey midpoint)
87%
44%
Overvalued
Undervalued
Neutral
S&P 500 price
(right-hand axis)
Debt/equity attractiveness
How do you regard debt/equity financing attractiveness? Percent of CFOs citing debt
and equity attractiveness (both public and private companies)
Risk appetite
Is this a good time to be taking greater risk? Percent of CFOs saying it is a good time to
be taking greater risk
0%
20%
40%
60%
80%
100%
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
3,573
2YA=41%
49%
2YA = Two-year average
9. Deloitte CFO Signals™
9
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
More optimistic More pessimistic No change Net optimism
Optimism regarding own-company prospects
Sentiment
Own-company optimism
Compared to three months ago, how do you feel now about the financial prospects
for your company? Percent of CFOs citing higher optimism (green bars), lower optimism
(blue bars), and no change (gray bars); net optimism (line) is difference between the green
and blue bars
+57%
-11%
+46%
Total
US
Mexico
Canada
Manufacturing
Retail/
Wholesale
Technology
Energy/
Resources
Financial
Services
Healthcare/
Pharma
T/M/E
Services
+46% +42% +78% +62% +38% +50% +75% +15% +42% +44% +67% +65%
Net optimism by country and industry
Red = relative lows
Green = relative highs
In the immediate aftermath of US
elections and the announcement of an
effective COVID-19 vaccine, nearly 60%
of CFOs say they are more optimistic
about their company’s prospects now
than they were three months ago.
Last quarter’s net optimism rebounded
sharply to +43 from a second-quarter survey
low of -54. This quarter’s reading rose slightly
to +46, with 57% of CFOs expressing rising
optimism and just 11% citing declining
optimism.
Net optimism for the US held steady at +42.
Canada declined slightly from +64 to +62,
while Mexico climbed sharply from +33 to
+78.
Energy/Resources was the most pessimistic
at +15. All other industries were above +35,
with Technology and Services both at or
above +65.
Please see the full-detail report for industry-specific charts.
Note that industry sample sizes vary markedly and that the means
are most volatile for the least-represented. Due to a very small
sample size, T/M/E was not used as a comparison point this quarter.
+32%
10. Deloitte CFO Signals™
10
Business focus for next year
Expectations
Business focus
What is your company’s business focus for the next year? Net percent of CFOs citing a
stronger focus on the top choice than on the bottom choice (e.g., grow revenue vs. reduce costs)
Companies’ heightened, pandemic-driven
focus on costs and investment has
subsided; the shift toward current
geographies over new ones continued.
Having shifted toward a cost reduction over
revenue growth focus when the pandemic
emerged in 2Q20, companies have since
shifted back toward revenue growth (54% vs.
26%, for a net of +28%, up from +10% last
quarter).
Similarly, having shifted strongly toward
investing cash over returning it, companies
have since shifted back to a more typical level
of investment bias (54% vs. 21%, for a net of
+33%, down from +49% last quarter).
The focus on current offerings over new ones
remains relatively split (37% vs. 32%, for a
net of -5%). Last quarter’s heavy bias toward
current geographies over new ones continued,
but was less severe (73% vs. 8%, for a net of
-65%).
The bias toward organic growth over inorganic
growth strengthened through 2018 and 2019,
but there has been somewhat of a shift back
toward inorganic growth since 2Q20 (58% vs
13%, for a net of -45%).
-80%
-60%
-40%
-20%
0%
20%
40%
60%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
Grow revenue Invest cash
Reduce costs Return cash
Offense vs. defense
New geographies
Current geographies
New business vs. current business
New offerings
Current offerings
-80%
-60%
-40%
-20%
0%
20%
40%
60%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
Inorganic growth
Organic growth
Inorganic growth vs. organic growth
New business
Current business
Offense
Defense
28%
-45%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
-65%
-5%
33%
Avg.=27%
Avg.=33%
Avg.=-44%
Avg.=-4%
Avg.=-43%
Avg. = Average since data collection began in 2Q13
(-82%)
11. Deloitte CFO Signals™
11
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
2Q17
3Q17
4Q17
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
Revenue growth Earnings growth Domestic wage growth
Dividend growth Capital spending growth Domestic personnel growth
Growth in key metrics, year-over-year
Expectations
Performance and investment expectations
Compared to the past 12 months, how do you expect key metrics to change over the
next 12 months? CFOs’ expected year-over-year company growth
Consistent with strong growth out of
pandemic-driven lows, expectations for all
metrics except dividends accelerated
substantially—several to multi-year highs.
Revenue growth rose sharply from last
quarter’s 1.0% to 7.7%—the highest reading in a
decade. The US trailed Canada and Mexico. Retail/
Wholesale continued to bounce back, reaching a
whopping 15.5%. Services, Energy/Resources,
and Financial Services turned positive, but trailed.
Earnings growth skyrocketed from last
quarter’s 3.7% to 13.8%—the highest level in nine
years. Canada and Mexico turned positive and led
the US. Retail/Wholesale led at a remarkable
26.8%, with Manufacturing, Healthcare/Pharma,
and Services all above 15%. Energy/Resources
trailed.
Capital spending growth rose sharply from last
quarter’s 0.2% to 8.0%—the highest level since
2018. Canada was relatively strong. Services and
Healthcare/Pharma were both above 17%, with
Retail/Wholesale also strong at about 12%.
Energy/Resources and Technology trailed.
Domestic hiring growth bounced back from
last quarter’s 0.2% to 1.7%, closer to the levels
from 2019. Canada led, with Mexico weakest.
Industries were split, and either in the 1.3%-1.5%
range or above 2% (led by Technology at 2.5%).
Dividend growth rose from last quarter’s 1.1%
to 2.5%—better, but still well below the long-term
survey average of about 4%.
Please see the full-detail report for industry-specific charts. Note that
industry sample sizes vary markedly and that the means are most volatile
for the least-represented. Due to a very small sample size, T/M/E was not
used as a comparison point this quarter.
7.7%
13.8%
2.4%
2.5%
8.0%
1.7%
Total
US
Mexico
Canada
Manufacturing
Retail/Wholesale
Technology
Energy/
Resources
Financial
Services
Healthcare/
Pharma
T/M/E
1
Services
Revenue 7.7% 7.1% 11.8% 9.9% 8.4% 15.5% 9.8% 5.8% 4.8% 9.2% 0.9% 7.3%
Earnings 13.8% 13.0% 22.8% 14.5% 15.5% 26.8% 13.1% 6.6% 10.6% 15.4% 3.3% 15.1%
Capital spending 8.0% 7.6% 6.6% 13.2% 4.5% 12.2% 3.8% 0.2% 6.2% 17.3% -1.8% 18.4%
Domestic hiring 1.7% 1.6% 1.2% 3.0% 2.1% 2.3% 2.5% 1.5% 1.4% 1.3% 0.0% 1.4%
Dividends 2.5% 2.5% 3.8% 2.4% 1.3% 3.4% 2.3% 2.5% 3.4% 5.1% 2.4% 0.0%
Domestic wages 2.4% 2.3% 3.0% 2.2% 2.5% 2.5% 2.4% 2.5% 2.0% 2.4% 1.5% 2.7%
Red = relative lows
Green = relative highs
Expectations by
country and industry
13. Deloitte CFO Signals™
13
8%
7%
3%
6%
16%
21%
39%
19%
4%
8%
14%
20%
9%
9%
17%
23%
16%
3%
5%
11%
12%
6%
25%
17%
1%
5%
14%
24%
14%
26%
0%
10%
20%
30%
40%
50%
No idea Already
at/above
normal
2Q20 3Q20 4Q20 1Q21* 2Q21* 3Q21 4Q21 1Q22 or
later
May 4-8* June 17-19** August 3-7** November 9-13**
Return to normal operations
Special topic: Company-level recovery
Nearly two-thirds of CFOs say they do not
expect to return to pre-crisis operating
levels until the second half of 2021 or later,
and 26% do not expect to get there until
1Q22 or later (mostly Retail/Wholesale,
Manufacturing, and Services).
Back in May, 32% of CFOs expected to be back
to a pre-crisis level of operations by the end of
2020, and 42% said so in August. Now, just
18% say so. Fifty-seven percent expect to reach
the milestone in 2021 (mostly in the second half
of the year), and 26% say 2022 or later.
Healthcare/Pharma, Financial Services, and
Energy/Resources were the most likely to
expect normal or higher operating levels by the
end of this year. Technology was notable for all
CFOs expecting a return to normal by 3Q21.
On the other hand, 43% of Retail/Wholesale
CFOs do not expect pre-crisis levels until 2022
or later. Manufacturing and Services were also
relatively pessimistic at 33% and 29%,
respectively.
Please note: Industry sample sizes vary markedly and the means are
most volatile for the least-represented industries. Due to a very small
sample size, T/M/E was not used as a comparison point this quarter.
Expected timing of return to near-normal operating levels
What is your best guess for when your company will return to a pre-crisis (or near-
normal) level of operations? Percent of CFOs selecting each option/timing
* Respondent options for the 2Q20 quarterly survey (May 4-8) ended at 2Q21 or later.
** Options for our midcycle poll (June 17-19), the 3Q20 survey (August 3-7), and the 4Q20 survey (this survey) ended at 1Q22 or later.
The proportion of CFOs expecting a return to
near-normal operating levels by the end of 2020
has declined markedly since May, June, and
August. Just 18% now hold this expectation.
Nearly two-thirds of CFOs do not
expect near-normal operations until
the second half of 2021 or later.
13%
23%
27%
33%
17%
12%
17%
10%
3%
11%
6%
18%
7%
17%
8%
9%
11%
17%
18%
21%
21%
67%
31%
18%
17%
18%
5%
29%
15%
18%
22%
33%
18%
33%
43%
23%
24%
22%
17%
29%
Manufacturing
Retail/Wholesale
Technology
Energy/Resources
Financial Services
Healthcare/Pharma
Telecom/Media/Ent.
Services
4Q20 2Q21
1Q21
Already
at/above
normal
3Q21 4Q21 1Q22
or later
14. Deloitte CFO Signals™
14
Company expectations for 2021
What are your expectations for your industry and company in 2021? Percent of CFOs
selecting each level of agreement for each statement
Company expectations
Special topic: 2021 expectations
CFOs mostly say their companies’ 2021
strategies will not be substantially
different from pre-pandemic, but there is a
general trend toward M&A, broader
offerings, a smaller real estate footprint,
and more diversified supply chains. Other
expectations vary greatly by industry.
Just 25% of CFOs say their 2021 strategy will
be substantially different (Retail/ Wholesale is
highest), and most cite a focus on revenue over
costs (Energy/Resources is the exception).
Forty-five percent say M&A will be a key
strategy (led by Healthcare/Pharma), and more
expect not to provide quarterly earnings
guidance than to do so (Technology is the most
notable exception).
When it comes to growth, CFOs overwhelmingly
say their range of offerings will expand, and
relatively few say they will focus more on
markets outside North America. Industries are
largely split on raising prices.
From a capital perspective, CFOs mostly say
they will not repurchase shares, take on new
debt, or reduce debt (Technology is the main
exception for repurchases and reducing debt).
When it comes to operations, CFOs mostly say
their supply chains will become more diversified
and less reliant on China—but they are largely
split on becoming more domestic-based. They
overwhelmingly expect a smaller real estate
footprint and to not have more employees.
Please see the full-detail report for industry-specific charts. Note
that industry sample sizes vary and that results are volatile for the
smallest. Due to a small sample size, T/M/E was not used as a
comparison point.
22%
9%
6%
11%
24%
6%
18%
23%
29%
11%
31%
16%
27%
32%
14%
19%
13%
14%
24%
23%
16%
23%
22%
14%
33%
12%
22%
38%
23%
15%
46%
47%
37%
26%
29%
20%
30%
26%
21%
27%
16%
17%
10%
16%
38%
26%
31%
43%
31%
21%
52%
19%
21%
19%
20%
22%
34%
20%
7%
24%
6%
6%
7%
7%
10%
8%
16%
9%
18%
11%
5%
0% 50% 100%
Strongly disagree Disagree Neutral Agree Strongly agree
Strategy
Capital
M&A will be a substantial portion
of our growth strategy
We will provide quarterly
earnings guidance
We will raise our focus on markets
outside North America
We will focus more on improving our cost
structure than on growing revenue
We will repurchase shares
We will take on new debt
We will repurchase and/or pay down a
significant proportion of our bonds/debt
Our range of products/
services will expand
Our strategy will be substantially
different from what it was pre-pandemic
Our supply chains will be less
reliant on China than pre-pandemic
We will raise our prices for a substantial
portion of our products/services
Our supply chains will be more
diversified than pre-pandemic
We will have more employees
than we did pre-pandemic
Our supply chains will be more
domestic-based than pre-pandemic
We will have a smaller real estate
footprint than pre-pandemic
Growth
Operations
15. Deloitte CFO Signals™
15
11%
33%
8%
11%
7%
6%
4%
1%
22%
10%
33%
38%
37%
32%
16%
26%
17%
16%
13%
43%
14%
7%
25%
14%
24%
30%
13%
19%
24%
5%
29%
32%
14%
11%
31%
20%
11%
38%
32%
35%
39%
50%
35%
5%
13%
28%
55%
32%
23%
39%
31%
18%
55%
52%
38%
59%
49%
32%
44%
34%
9%
44%
46%
48%
22%
15%
17%
22%
42%
22%
42%
70%
68%
50%
31%
21%
54%
53%
42%
57%
17%
12%
41%
21%
22%
50%
26%
28%
61%
11%
23%
20%
5%
24%
16%
9%
10%
6%
12%
15%
0% 50% 100%
Input costs
Macroeconomic expectations for 2021
What are your expectations for the macroeconomic environment in 2021? Percent of
CFOs selecting each level of agreement for each statement
Macroeconomic expectations
Special topic: 2021 expectations
About three-quarters of CFOs expect the
US economy to improve in 2021, with high
expectations that a COVID-19 vaccine will
bolster it by mid-year; the outlooks for
Canada and Mexico are also positive, but
few expect economies to grow faster over
the next five years than pre-pandemic.
On the plus side, 76% of CFOs expect the US
economy to improve in 2021—reassuring but
not surprising given how it fared in 2020.
Nearly 70% expect a vaccine to bolster the
economy by mid-year. The less good news is
that only 19% expect the economy to grow
faster over the next five years than pre-
pandemic—when the economy was slowing.
Perceptions of Canada are similar, with 62%
expecting improvement in 2021, 15% expect-
ing faster than pre-pandemic growth, and 69%
expecting a vaccine to bolster the economy by
mid-year. As for Mexico, 47% expect improve-
ment, 22% expect faster growth, and 55%
expect mid-year vaccine benefits.
Two-thirds expect strong consumer spending in
2021 (43% last year), and 63% expect strong
business spending (22% last year).
Only 54% of CFOs expect labor costs to rise in
2021 (84% a year ago), but 47% expect
oil/fuel prices to increase (up from 25%). Only
about one-quarter expect inflation to be
substantially higher.
Please see the full-detail report for industry-specific charts. Note
that industry sample sizes vary and that results are volatile for the
smallest. Due to a small sample size, T/M/E was not used as a
comparison point.
Strongly disagree Disagree Neutral Agree Strongly agree
US economy will improve
Canadian economy will improve
My home country’s economy will
grow faster over the next five years
than it was growing pre-pandemic
Mexican economy will improve
Labor costs will increase
Oil/fuel prices will increase
Consumer spending will be strong
Business spending will be strong
Economic growth
Demand
Longer term
Inflation will be substantially
higher by the end of the year
A COVID-19 vaccine will substantially
bolster my home country’s economy
by the middle of 2021
4Q20
4Q19
4Q18
US
Canada
Mexico
4Q20
16. Deloitte CFO Signals™
16
7%
5%
6%
6%
41%
19%
20%
25%
16%
31%
24%
22%
40%
32%
14%
21%
38%
26%
32%
52%
40%
47%
55%
38%
32%
29%
27%
16%
15%
20%
39%
18%
34%
13%
18%
35%
22%
34%
52%
45%
6%
28%
5%
6%
15%
6%
0% 50% 100%
Capital markets expectations for 2021
What are your expectations for the capital markets environment in 2021? Percent of
CFOs selecting each level of agreement for each statement
Capital markets expectations
Special topic: 2021 expectations
CFOs mostly expect rates to stay low (but
are fairly split) and expect bond yields
below 2%. They expect the renminbi to
gain on the US dollar and for its use as a
trading currency to rise substantially;
expectations for the euro and digital
currencies rose as well.
CFOs were right last year when they did not
expect the federal funds rate (then 1.5%) to
end higher in 2020, and also when few
expected negative rates. With the rate now just
0.25%, they mostly still do not expect higher
rates (although there is substantial proportion
who do) and just 6% expect negative rates.
They were also right about bond yield/s. With
the 10-year bond yield at 1.8% a year ago,
67% expected rates to remain below 2%. Now,
with the yield having slid to about 0.8%, 60%
expect rates to stay below 2%.
CFOs were not as right about the S&P 500
when they were split on whether or not it
would go above 3,000. With the index now
above 3,500, nearly 60% expect it to be higher
by the end of the year—even though 80% also
say it is currently overvalued (see page 8).
In a shift from a year ago, CFOs have become
more likely to expect the euro and renminbi to
strengthen against the US dollar. They also
mostly expect the renminbi’s use as a trading
currency to increase, and for use of digital
currencies for business transactions to rise.
Please see the full-detail report for industry-specific charts. Note
that industry sample sizes vary and that results are volatile for the
smallest. Due to a small sample size, T/M/E was not used as a
comparison point.
Capital
Currency
The federal funds rate (now 0.25%)
will be higher at the end of 2021
The 10-year bond yield (now ~0.78%)
will remain below 2% through 2021
Mexican peso will be
stronger vs. the US dollar
The S&P 500 (now ~3500) will be
higher at the end of 2021
Euro will be
stronger vs. the US dollar
British pound will be
stronger vs. the US dollar
Chinese renminbi will be
stronger vs. the US dollar
Canadian dollar will be
stronger vs. the US dollar
We will see negative rates
by the end of 2021
Use of digital currencies for
transacting business will substantially
increase over the next 3-5 years
The renminbi’s use as a trading
currency will substantially
increase over the next 3-5 years
The euro’s use as a trading
currency will substantially
increase over the next 3-5 years
Strongly disagree Disagree Neutral Agree Strongly agree
Longer term
17. Deloitte CFO Signals™
17
7%
7%
7%
11%
16%
24%
5%
7%
7%
6%
6%
16%
13%
10%
24%
9%
16%
34%
19%
5%
17%
33%
7%
23%
31%
27%
31%
33%
32%
17%
51%
29%
40%
35%
36%
22%
17%
13%
20%
35%
38%
39%
19%
44%
13%
12%
28%
40%
29%
27%
54%
52%
34%
16%
12%
10%
14%
28%
5%
8%
14%
11%
11%
21%
10%
8%
0% 50% 100%
US government policy views
What are your views on US government policy over the next four years? Percent of CFOs
selecting each level of agreement for each statement
Views on possible government policy changes over the next four years
Special topic: Government policy views
CFOs overwhelmingly support a stimulus
package, infrastructure investment, de-
escalating US-China trade tensions, less
protectionist trade, and the federal
government leading a COVID-19 response.
Industry differences are substantial.
CFOs indicate a bias toward a smaller, targeted
stimulus package over a large, comprehensive
package like the CARES Act. They are largely
mixed on whether higher corporate tax rates
would reduce their capital spending and on
whether tax incentives would influence their
on/off-shoring decisions. They overwhelmingly
support funding of infrastructure investments.
When it comes to trade, the vast majority of
CFOs say protectionist policy is not beneficial,
and most prefer de-escalation of US-China
trade tensions. More than one-third, however,
say confronting China on their trade practices
would be good for their company.
CFOs overwhelmingly say the federal govern-
ment should lead strategy and investment in
response to COVID-19. They are mixed on the
need for liability protection, and more do not
support expansion of the ACA to include a
government option than do support it (but
more than half are neutral).
When it comes to energy policy, CFOs are split
on whether its purpose should be energy
independence and cost reduction, or lower
carbon emissions—even within industries.
Nearly half say their company would benefit
from lower restrictions on high-skilled visas.
Please see the full-detail report for charts specific to individual
industries. Strongly disagree Disagree Neutral Agree Strongly agree
A large/comprehensive stimulus package like the
CARES Act is necessary to drive economic recovery
A smaller and/or more targeted stimulus
package is sufficient to drive economic recovery
The primary goal of energy policy
should be to lower carbon emissions
Congress should fund substantial new
infrastructure investments
Raising the corporate tax rate would substantially
reduce my company’s capital spending
The federal government should lead national
strategy/investment for responding to COVID-19
Covid-19 liability protection is necessary for my
company to return to normal operating levels
The primary goals of energy policy should be
energy independence and cost reduction
Fiscal and tax
Trade
Health
Tax incentives/penalties would impact my
company’s onshoring/offshoring decisions
De-escalating US-China trade tensions
would be good for my company
Confronting China on their business/trade
practices would be good for my company
My company benefits from a more
protectionist US trade agenda
My company prefers that the ACA is
expanded to include a government option
My company would benefit from lower
restrictions on high-skilled visas
Other
Only 3% said neither type of stimulus is necessary
18. Deloitte CFO Signals™
18
Hopes for Washington over the next four years
Special topic: Hopes for Washington
CFOs’ hopes for Washington center largely
on cooperating to get important things
done and unifying the country with
moderation, transparency, and decency.
CFOs voiced very strong hopes for improve-
ment in Washington’s accomplishments and
tone. Nearly two-thirds mentioned hopes related
to bipartisanship, cooperation, and compro-
mise—with a heavy focus on the desire to get
important things done for the good of the
country and economy. More than half expressed
hopes for strong leadership and unification, with
less divisiveness, more transparency and
stability, more civility, and more moderation.
As for specific policy hopes, CFOs voiced strong
concerns about possible anti-business policy
(including tax hikes and new regulation) and
hopes that divided government would prevent it.
They also mentioned desires for better policy
consistency and clarity—especially around
international relations and trade policy.
Some also mentioned the hope that Washington
would manage longer-term issues like fiscal
policy, the national debt, entitlements, and
infrastructure. Some also mentioned hopes for
addressing climate issues, international
relations, and immigration.
Please see the full-detail report for a tabular summary of hopes
by industry.
Hopes for Washington over the next four years
What are your hopes for Washington over the next four years? Paraphrasing and
normalization of CFOs’ free-form comments (numbers in parentheses indicate counts of CFOs
who mentioned each type of change)
Less divisiveness (19)
More stability/predictability (14)
More moderation / avoid extremes (9)
More honesty and transparency (7)
More civility and decency (5)
Unify a divided US citizenry (4)
More bipartisanship
and compromise (39)
Get major things done (18)
Serve constituencies, not career (6)
Cooperate to get
things done (n=63)*
Lead and
unify (n=58)*
Manage fiscal/debt/entitlements (7)
Modernize infrastructure (4)
Address and lead around climate (4)
Restore/lead international relations (4)
Fix immigration
Keep divided government/gridlock
to moderate business policy (12)
Clear international/trade policy (8)
No tax hikes (7)
Better policy consistency/clarity (7)
Avoid burdensome regulation (7)
Maintain/set pro-
business policy (n=41)*
Manage the
future (n=20)*
* n=101 (numbers in parentheses sum to more than 101 because many respondents named multiple hopes).
21. Deloitte CFO Signals™
21
Background
The Deloitte North American CFO Survey is a quarterly survey of CFOs from large, influential companies across North America. The
purpose of the survey is to provide these CFOs with quarterly information regarding the perspectives and actions of their CFO peers
across four areas: business environment, company priorities and expectations, finance priorities, and CFOs’ personal priorities.
Participation
This survey seeks responses from client CFOs across the United States, Canada, and Mexico. The sample includes CFOs from public
and private companies that are predominantly over $3B in annual revenue. Respondents are nearly exclusively CFOs. Participation is
open to all industries except for public sector entities.
Survey execution
At the opening of each survey period, CFOs receive an email containing a link to an online survey hosted by a third-party service
provider. The response period is typically two weeks, and CFOs receive a summary report approximately two weeks after the survey
closes. Only current and frequent responders receive the summary report for the first two weeks after the report is released.
Nature of results
This survey is a “pulse survey” intended to provide CFOs with information regarding their CFO peers’ thinking across a variety of
topics; it is not, nor is it intended to be, scientific in any way, including in its number of respondents, selection of respondents, or
response rate, especially within individual industries. Accordingly, this report summarizes findings for the surveyed population, but
does not necessarily indicate economy- or industry-wide perceptions or trends.
About the survey