Since the global financial crash of 2008, companies have been rushing to gain exposure to China's 1.35 billion potential consumers. However, that tide seems to have now turned with the U.S. ranking as the most important market for growth over the next 12 months, according to a new report.
The survey — released by PwC Tuesday at the World Economic Forum in Davos — said that global CEOs now place the U.S. ahead of China in the global market stakes for the first time since PWC asked the question five years ago. Of the CEOs polled, 38 percent said the U.S. was among their top-three overseas growth markets, compared with 34 percent for China, 19 percent for Germany, 11 percent for the U.K. and 10 percent for Brazil.
"While some mature markets like the U.S. appear to be rebounding, others like the euro zone continue to struggle. And while some emerging economies continue to expand rapidly, others are slowing. Finding the right strategic balance to sustain growth in this changing marketplace remains a challenge," Dennis M. Nally, the chairman of PwC International, said in statement accompanying the report.