TAIPEI (Taiwan News) — Taiwanese business leaders have become their most pessimistic about the future of the global economy since 2012, according to a survey published by PwC Taiwan Wednesday (March 1).

While an average of 73% of global CEOs had modest expectations for the year, Taiwan's reached 77%, the survey found, based on 216 written forms and nine in-person interviews with business leaders in the country.

Changes in supply chains and staff shortages will force the participating companies to adjust their ways of doing business within the next six years in order to maintain profitability, according to more than 60% of the Taiwanese CEOs surveyed, while in 2023, the main threats come from economic instability, inflation, and political risk, UDN reported.

In order to prepare for the expected problems, 75% of business leaders diversified their products and services, while 60% had already cut the cost of doing business. Over the past few years, a significant number of Taiwanese companies moved their supply chains out of China, with Vietnam as one of their preferred choices. Other Southeast Asian nations, India, and Mexico have also attracted their share of investment from Taiwan, PwC said.

The company said it used online forms, face-to-face, and telephone interviews to conduct the Taiwan CEO Survey from Oct. to Dec. 2022.