Leaders of major global companies are demonstrating growing confidence in their business prospects, yet they are exercising greater caution regarding the global economy. According to the results of KPMG's 12th annual global CEO survey for 2026, the share of CEOs confident in their organizations' growth over the next three years reached 84%, up from 79% in 2025. Meanwhile, trust in the global economy decreased from 68% to 65%, the lowest figure since 2021, KPMG Uzbekistan reported.
The survey was conducted from August 11 to September 21, 2026, among 1,400 business leaders from companies with annual revenues exceeding 500 million US dollars; one-third of these companies had revenues over 10 billion US dollars.
Financial forecasts also improved: about 68% of respondents expect annual growth of at least 2.5%, compared to 61% the previous year. At the same time, 79% of CEOs noted increased pressure related to ensuring the long-term development of their companies. The report authors note that leaders predict business growth despite increasing external uncertainty, while decisions concerning technology, risks, personnel, and sustainability are becoming increasingly interconnected.
Cybersecurity and data protection were most frequently cited as the main threat to business growth—31% of respondents pointed to this factor. Global economic uncertainty was named by 28%, geopolitical instability and regulatory pressure by 26% each, and supply chain sustainability risks by 24%. The difference between the four most frequently mentioned threats was no more than five percentage points, which, according to the report authors, indicates companies are preparing for several potential failure sources rather than focusing strategies around one dominant risk.
Cybersecurity also became the leading area for increasing risk mitigation spending, noted by 45% of respondents. Another 36% increased spending on compliance and reporting, and 32% invested in integrating artificial intelligence into operational processes. Most leaders stated that their risk appetite remained unchanged: 61% maintained their previous level of risk readiness, 16% were willing to take on greater risk for new opportunities, and 17% became more cautious. The remaining 6% prioritized risk reduction over seeking new opportunities.
Artificial intelligence has firmly entered corporate investment plans: 79% of CEOs consider it a key priority for the next three years, higher than 71% the previous year. Furthermore, 72% plan to allocate over 10% of their budgets to technology within the next 12 months. Two-thirds of respondents (66%) believe their organizations are adopting AI at an appropriate pace or ahead of the market. However, 29% expressed cautious optimism about their progress, while about 5% reported difficulties or uncertainty in outcomes.
Leaders identified ethical issues (57%), cybersecurity (52%), implementation costs (51%), and data sovereignty requirements (50%) as major obstacles to AI adoption. About 59% of CEOs believe that AI development requires closer attention to internal data governance and control mechanisms. Another 66% fear that the pace of AI regulation may become an obstacle for their companies. More than eight out of ten leaders expect that AI integration, cybercrime, and technology infrastructure costs will significantly impact their organizations' prospects, with the proportion of respondents citing each of these factors significantly increasing compared to 2025. Companies expect returns on AI investments in the medium term: 71% forecast a return within one to three years, and 17% within one year.
About 89% of CEOs expect workforce growth over the next three years, although 62% forecast an increase of less than 5%. Leaders highlighted skills shortage as the main workforce issue, mentioned by 56% of respondents. Employee training in AI was noted by 52% of respondents, and talent acquisition and retention by 47%. Employee resistance to AI adoption was considered one of the least significant problems, as only 26% identified it as a serious concern.
Over the next 12 months, 51% of CEOs plan to openly communicate with employees about how AI will change their job roles. Another 46% intend to launch reskilling programs, and the same percentage plans to provide specialized AI training.
Sustainability is increasingly integrated into corporate strategies. Over the past year, 63% of leaders made it their primary response to external environmental changes, 21% focused on areas most relevant to their business, and 14% expanded their initiatives. About 70% of CEOs consider the costs and potential returns of sustainability initiatives in some investment decisions and every major capital investment. However, 91% stated that differences in regulations and expectations across different markets create significant or moderate difficulties.
Key obstacles to achieving climate goals included decarbonizing supply chains (22%), differences in cross-jurisdictional regulations (20%), costs (16%), and lack of expertise (15%). Leaders have mixed views on the role of AI in sustainability: about eight out of ten believe the technology can help achieve climate goals, but 95% acknowledge concerns within their organizations about the impact of increased AI use on the environment.
Energy sources are another priority. Over the next three to five years, 49% of CEOs plan to focus primarily on diversifying external supplies through renewable or low-carbon energy sources. Another 37% intend to reduce consumption through efficiency improvements, and 13% plan to develop their own generation, storage, or backup capacity.
Saken Zhumashev, Managing Partner of KPMG Caucasus and Central Asia, noted that economic and geopolitical uncertainty, cyber threats, and regulatory changes have turned business growth and sustainability into interconnected challenges for companies in the region. He added that strategies must reflect the specific conditions of each market. According to him, the return on AI investment depends not only on technology spending but also on workforce development, robust data governance, and business process restructuring. He emphasized: 'Confidence in the future is the ability to adapt.'
Konstantin Aushev, Partner and Head of Technology at KPMG Caucasus and Central Asia, noted that global companies are concentrating AI implementation on projects with clear returns while simultaneously investing in protection against cyber threats. In the region, he said, priorities are similar, although companies pay slightly more attention to data governance and talent development than to cybersecurity. Gabit Musrepov, Head of ESG and Corporate Governance at KPMG Caucasus and Central Asia, stated that sustainability is becoming an important part of corporate strategy amid supply disruptions, energy issues, and new regulatory requirements. He noted that AI can help solve environmental problems but also requires significant resources, prompting companies to consider its environmental impact.
The report authors concluded that corporate growth increasingly depends not only on capital allocation. Cyber resilience affects both risk management and AI adoption. Workforce planning depends on solving the skills shortage problem, and energy solutions are becoming part of operational planning. KPMG identified the alignment of these decisions as the main management task for 2026. The firm stated that this requires a common understanding of value and clear accountability across strategic, technological, risk management, human resources, and sustainability domains. The survey covered CEOs from 12 countries: Australia, Canada, China, France, Germany, India, Italy, Japan, Netherlands, Spain, the United Kingdom, and the United States, and included 13 industries such as banking, energy, healthcare, infrastructure, manufacturing, technology, and telecommunications.
