Economic Conditions are Mixed
In the most recent economic snapshot survey, respondents’ assessment of global economic conditions is mixed. When asked to give their views on current global conditions, only about one-quarter report that conditions are better compared to six months ago (Figure 1). However, respondents have an optimistic outlook – more than two-fifths of respondents feel that global economic conditions will be better in the next six months compared to today (Figure 2).
Figure 1: Assessment of current global conditions compared with six months ago
Figure 2: Future outlook regarding global conditions in next six months compared to today
Over one-third of respondents report their organization experienced better financial health compared to six months ago (Figure 3).
Figure 3: Assessment of organization’s financial health compared to six months ago
The financial health of an organization can affect hiring and internal training. Among organizations that have had better financial health compared to six months ago, over one-third have seen an increase in the number of full-time project managers and over half saw no change. Among these same organizations, nearly two-thirds saw no change in the proportion of contract project managers in the past six months, and two-thirds saw no change in the amount of internal project management training provided. (Figure 4).
Among organizations that have had worse financial health compared to six months ago, over two-fifths saw a decrease in the number of full-time project managers. Among these same organizations, nearly one-third saw a decrease in the proportion of contract project managers, and nearly half saw no change with internal project management training. (Figure 4).
Figure 4: Financial health compared to # of full time project managers, % of contract project managers, and change in internal training for project management
When asked about potential risks to the growth of their organization within the next six months, nearly three-quarters report that economic instability is the biggest potential risk, followed by political risks and violence (Figure 6). These same three potential risks are also most concerning to respondents in their future outlook, with nearly half reporting that economic stability is the most concerning potential risk (Figure 7).
Figure 6: Potential risk to growth of organization
Figure 7: Most concerning potential risks
Among respondents who are most concerned about disruptive technologies impacting the growth of their organization, one-third expect artificial intelligence (AI) to have the most disruptive impact on businesses in their sector within the next six months, with cloud technology coming in second (Figure 8).
Figure 8: Technologies expected to have disruptive impact on businesses