Economic Snapshot

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

A third say conditions are better compared to six months ago

Figure 2: Future outlook regarding global conditions in next six months compared to today

About half feel that conditions will be better in the 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

Nearly two-fifths of respondents feels there was no change in their organization’s financial health

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

Another two-fifths of these same organizations have seen no change in that total

Technical training was the most popular training type provided to internal project managers according to over one-quarter of respondents (Figure 5).

Figure 5: Average percentage of internal project management training per area

No change in the overall percentage of contract project managers

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

Organizations with worse financial health have an even lower amount of project management training at 42 percent

Figure 7: Most concerning potential risks

Nearly a third of respondents report that technical project management was the most conducted type of training

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

The majority of respondents, when asked about potential risks to their organization’s growth, feel economic stability is the biggest risk

About the Snapshot

The PMI Economic Snapshot Survey is sent to a random global sample of 2,000 PMI members and certification holders on a quarterly basis.

Please direct questions about the study to Market.Research@pmi.org.

Advertisement

Publishing or acceptance of an advertisement is neither a guarantee nor endorsement of the advertiser's product or service. View advertising policy.