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Davos 2026: PwC Global Chairman Mohamed Kande says many CEOs uncertain amid AI, Trump tariffs

Global chief executives are facing an unprecedented level of uncertainty as investments in artificial intelligence fail to deliver expected returns and geopolitical trade risks intensify, PwC Global Chairman Mohamed Kande said at the World Economic Forum in Davos.

Speaking in an interview on the sidelines of the annual meeting on January 19, Kande said nearly seven out of ten CEOs worldwide are unsure about their next strategic move amid a rapidly shifting business environment. “There is a lot of uncertainty today about what might happen next. This is creating a sentiment among many CEOs who say they don’t know what to do next.”

PwC’s 29th Global CEO Survey underscores this concern. The survey, based on responses from 4,454 CEOs across 95 countries and territories, found that only 30 percent of business leaders are confident about revenue growth over the next 12 months. This marks a five-year low, down from 38 percent in 2025 and 56 percent in 2022.

AI Investments under Pressure, Tariff Risks Add to Worries

While companies continue to allocate significant capital toward emerging technologies, Kande said AI adoption has not yet produced the expected business benefits. “The adoption of AI and technology is not delivering the returns companies anticipated, yet they still have to continue investing,” he noted.

Adding to corporate anxiety is uncertainty surrounding trade policy, particularly the tariff stance of US President Donald Trump. According to Kande, tariff-related risks are forcing companies to rethink product design and innovation strategies. “Firms are revisiting their products to see how they can redesign them to be more tariff efficient,” he said.

India Emerges as a Bright Spot for Global Investors

Despite global headwinds, India continues to stand out as a resilient and attractive investment destination. Sanjeev Krishan, Chairperson of PwC India, said the country has demonstrated strong stability through most of 2025, supported by public investment and emerging signs of private capital participation.

“From an attractiveness standpoint, India, along with the UK and Germany, is now the second most preferred investment destination globally,” Krishan said, adding that the improvement reflects growing investor confidence.

However, Krishan cautioned that sustained investment momentum will depend on policy predictability and regulatory clarity. Referring to recent tax-related legal developments, he stressed the importance of avoiding prolonged litigation that could unsettle foreign investors. He said,“India would not want to repeat past incidents that could impact investor sentiment.”