PwC: 78% of Hungarian CEOs Do Not Plan to Cut Staff

Despite the economic challenges, 78% of Hungarian CEOs do not plan to cut staff and 97% do not plan to reduce employee compensation in the next 12 months, a partner of PwC Hungary's tax advisory business said at a press conference in Budapest on Wednesday.

According to Barbara Koncz, the Hungarian CEO survey, which was conducted by PwC for the 12th time and included 267 CEOs between October and the beginning of December 2022, also revealed that companies are primarily striving to optimize their operations.

As an example, 61% of respondents said they had already reduced their operating costs, 57% had increased the prices of their products and services, and 43% had expanded the range of products and services they offer. 

The CEO of PwC Hungary, Tamás Lőcsei said that 76% of Hungarian business leaders expect global economic growth to slow and 85% expect Hungarian economic growth to slow, with an average GDP growth of 0.5% forecast in Hungary.