The Tribune

PricewaterhouseCoopers (PwC) top Bahamian executive says diversification is “an economic necessity” and the time to “act decisively is now” with global corporate confidence at a five-year low over 2026 revenue growth prospects.

Prince Rahming, the accounting firm’s Bahamas territory leader, spoke out after PwC’s 29th global chief executive survey found just 30 percent, or three out of every ten corporate chiefs, are confident about their 2026 top-line outlook as they struggle to turn artificial intelligence (AI) investment into tangible returns.

The survey found just 12 percent, or around one out of every eight chief executives, feel AI has delivered both cost and revenue benefits. However, companies that have scaled AI with strong foundations are pulling ahead, with rising concerns about tariffs and cyber security adding to these pressures.

PwC said chief executives are questioning whether they are transforming fast enough in a business climate marked by uneven returns from AI, rising geopolitical risks and intensifying cyber threats.

Assessing the implications for The Bahamas, Mr Rahming said: “In The Bahamas, diversification is no longer a strategic ambition; it is an economic necessity.

“Leaders are rethinking how technology, data and talent can strengthen tourism, financial services and emerging sectors at the same time. The opportunity lies in acting decisively now, while keeping trust and resilience at the centre of every investment.”

PwC added that the number of chief executives confident confident about revenue growth over the next 12 months has declined from 38 percent in 2025 and a recent peak of 56 percent in 2022. It said the findings suggest many companies have yet to translate investment into consistent financial gains.

The survey was based on responses from 4,454 chief executives across 95 countries and territories. Frazer Lindsay, chief executive of the PwC member firms operating in the Caribbean, said: “Across the region, leaders are facing immediate pressures while shaping resilient, future-ready economies. Their growing commitment to invest in technology, trust and innovation, even in the absence of immediate returns, is remarkable.

“Chief executives leading the charge of transformative growth and disruption will be those who act boldly, with purpose and maintain a clear vision that drives their people, partners and communities towards a collective future.”

Forty-two percent of chief executives cited their ability to keep pace with AI and technological changes as their top concern, putting this ahead of worries about innovation or medium to long-term viability, which were mentioned by 29 percent. Some 33 percent of chief executives reported gains in either cost or revenue from AI use, while 56 percent said they have seen no significant financial benefit to-date.

PwC said the survey points to a growing divide between companies piloting AI and those deploying it at scale. It added that chief executives reporting both cost and revenue gains are two to three times’ more likely to say they have embedded AI extensively across products and services, demand generation and strategic decision-making.

The survey also showed confidence has further softened amid rising exposure to external risks. PwC said 20 percent of chief executives say their company is highly - or extremely - exposed to the risk of significant financial loss from tariffs over the next 12 months, though exposure varies widely by region - from 6 percent across the Middle East to 28 percent on the Chinese mainland and 35 percent in Mexico.

PwC said concern about cyber risk has risen sharply, with 31 percent of chief executives now citing it as a major threat - up from 24 percent last year, and 21 percent two years ago. In response, 84 percent said they plan to strengthen cyber security as part of their response to geopolitical risk.

The survey showed concerns about macroeconomic volatility (31 percent), technology disruption (24 percent) and geopolitics (23 percent) have also edged higher, while concern about inflation is marginally down - from 27 percent last year to 25 percent.

PwC added that, despite the challenging outlook, chief executives increasingly see reinvention as essential to growth. More than four in ten (42 percent) said their company has begun competing in new sectors over the past five years. Among those planning major acquisitions, 44% percent expect to invest outside their current industry, with technology the most attractive new sector.

More than half of chief executives (51 percent) said they plan to make international investments in the year ahead. The US remains the top destination, with 35 percent ranking it among their top three markets. The UK and Germany (both 13 percent), and the Chinese mainland (11 percent), also feature prominently. Interest in India has nearly doubled year-on-year, with 13 percent of chief executives planning international investment placing it among their top three destinations.

Just one in four chief executives told the PwC survey that their company tolerates high risk in innovation projects, has disciplined processes to stop under-performing initiatives or operates a defined innovation centre or corporate venturing function.

PwC said chief executives report spending 47 percent of their time focused on issues with a horizon of less than one year, compared with just 16 percent on decisions looking more than five years ahead.