Confidence among Thai business leaders has fallen sharply, with only 24% of chief executives expressing strong confidence in their organisations' revenue growth this year, down from 47% in 2023 and the lowest level in three years.
Findings from PwC Thailand's 29th Global CEO Survey "Thailand: Leading through Uncertainty in the Age of AI", show that confidence is being eroded by a convergence of pressures, including economic uncertainty, geopolitical tensions, rising costs, cyber-risks and the accelerating pace of technological change.
Thai CEOs are under growing pressure to unlock new sources of growth through enterprise-wide adoption of artificial intelligence (AI) and expansion into new businesses and sectors.
"Confidence among Thai CEOs has fallen to its lowest level in three years, driven not only by a slowing economy, but also by increasingly complex and overlapping risks," said Pisit Thangtanagul, chief executive of PwC Thailand.
"From macroeconomic volatility and tariffs to cyberthreats and geopolitical tensions, these factors are pushing costs, complicating business planning and weighing on investment decisions."
Confidence in Thailand's economic outlook has also softened. Only 34% of Thai CEOs expect the domestic economy to improve this year, compared with a global average of 55%.
This gap highlights that uncertainty has become the defining feature of the business environment in 2026, requiring organisations to carefully balance short-term risk management with investments that support long-term competitiveness, said Mr Pisit.
Macroeconomic volatility and cyber-risk were cited as the most significant business threats this year (both at 29%), followed by technological disruption, tariff barriers and geopolitical tensions. Together, these pressures are increasing cost volatility and supply chain uncertainty, prompting more cautious decision-making, particularly around large-scale investments, he said.
"Thai business leaders are navigating a complex mix of domestic and global risks," Mr Pisit said.
"The immediate priority is managing downside risk while preserving the flexibility needed to respond as conditions change."
AI VALUE CREATION
While AI momentum continues to build, the survey found business value from AI remains uneven. One-third of Thai CEOs reported increased revenue from AI over the past year, yet only 18% achieved both revenue growth and cost reduction.
This reflects ongoing gaps in organisational design, data foundations, workforce capabilities and AI governance. In many organisations, AI use remains concentrated in support functions and internal processes, with more limited deployment in core, revenue-generating activities.
"The challenge is no longer whether to use AI, but how to deploy it at scale in ways that deliver measurable business outcomes," Mr Pisit said.
"This requires strong data foundations, the right skills and robust governance frameworks that build trust and enable responsible AI adoption."
NEW GROWTH ENGINES
As uncertainty becomes the new normal, many Thai CEOs are shifting from a purely defensive stance towards reinventing their organisations' long-term growth. More than half (56%) said their organisations have expanded into new sectors over the past five years, with the strongest interest in health and well-being services (25%), followed by hospitality and leisure (21%).
Mergers and acquisitions (M&A) are also being pursued more selectively as a response to mega-trends such as AI, climate change and geopolitical fragmentation.
Some 38% of Thai CEOs say they plan to pursue a major acquisition within three years, aiming to strengthen capabilities, diversify risk and enhance competitiveness.
"Reinvention requires reallocating capital, talent and resources quickly, while reshaping parts of the business that no longer deliver value. Success comes from making sharper decisions within constraints and turning uncertainty into opportunity," he noted.
"Looking ahead, Thai CEOs face the challenge of navigating continued uncertainty while positioning their organisations for sustainable growth. Key priorities include strengthening data and AI capabilities, enhancing cyber-resilience and building more flexible investment portfolios through partnerships or M&A, supported by clear strategic rationale."
