And those challenges are significant. There is armed conflict in many parts of the world. There are increasing trade tensions, especially in strategically sensitive sectors, with governments using trade as a geopolitical lever. The path forward is not certain. Inflation, though less of an issue, remains “sticky” in many markets, and while consumer confidence is improving, it remains somewhat fragile. Finally, we are in an election supercycle, which could create uncertainty in many key markets and stall a sustained rebound in confidence.

For CEOs, by far the most compelling immediate actions involve enhancing existing technology to improve growth and productivity, as well as boosting data management and cybersecurity. This is also reflected in their M&A strategy, with the top deal driver being acquiring technology, new production capabilities or innovative startups.

There remains a keen focus on managing end-to-end costs, a critical focus of investors even as economic conditions, including inflation and input costs, have tempered.