This year, the domestic executives (C-level) viewing the growth prospects of Korean corporations as "very positive" accounted for only 16%, which is lower than the global average (36%).
Global accounting, tax, and consulting firm Forvis Mazars in Korea announced on the 9th that it has published a "C-suite barometer" report focusing on the management environment and strategic responses of Korean corporations. This survey comprehensively analyzed the economic outlook for 2025, major risks, and management challenges as viewed by C-level executives.
According to the survey, the economic outlook for Korean corporations in 2025 remains cautious. The proportion of Korean executives responding "very positive" about future growth prospects was only 16%, showing a clear gap compared to the global average (36%). The major management risks identified by Korean executives were "economic uncertainty" and "intensified global competition," with tensions with major trading partners, including the United States, also acting as burdens.
Shim Hyun-ho, global service managing partner of Forvis Mazars in Korea, noted, "This survey shows that international expansion has become a necessity rather than a choice for Korean corporations. At a time when trade orders are rapidly being restructured, each corporation needs to accurately understand the local market’s regulations and consumer characteristics and adjust strategies flexibly."
Additionally, Korean executives selected the most important strategic tasks for the next 3-5 years as ▲supply chain and operational process review (42%) ▲IT and technology infrastructure transition (32%) ▲entry into new product or service areas (32%) ▲implementation of private equity investments or other alternative funding methods (32%) ▲restructuring and cost reduction efforts (24%). Notably, the willingness to invest related to digital transformation was prominent, with key investment areas including the use of artificial intelligence (AI), data strategy formulation, and data integration across the organization.
Moreover, the factors hindering corporate growth include ▲economic uncertainty (56%) ▲rising energy prices (50%) ▲political and diplomatic tensions (36%) ▲shortage of skilled talent (24%). The proportion of corporations still facing difficulties in hiring remains high. The biggest challenges in the hiring process were identified as "the inflow of suitable talent," "shortage of talent in the market," and "limitations of internal talent development."
Investments in digital transformation are also expanding, but Korean corporations are showing a somewhat cautious attitude toward the use of new technologies. About 60% of responding corporations were utilizing AI primarily as a means to improve internal work processes, while issues related to technological ethics and a shortage of professionals were analyzed as barriers to broader adoption.