Davos 2026: CEO Confidence Hits 5-Year Low as AI Gains Stall; India Rises to #2 Investment Destination

It’s Tuesday, January 20, 2026, and the snowy slopes of Davos are feeling a lot colder for global CEOs this year. The mood at the World Economic Forum (WEF) is, frankly, “clueless.”

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According to PwC’s 29th Global CEO Survey, released just yesterday, only 30% of business leaders feel confident about their revenue growth in the next 12 months—a five-year low.¹ Or nothing. Let’s be real, between the “tariff tantrums” coming from the US and the fact that billions spent on AI still aren’t showing up on the bottom line, most bosses are just scratching their heads. Those too.

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The Davos “Dread”: Field Notes

It’s an ongoing situation where the old playbook is being shredded in real-time. Here’s the ground reality from the PwC briefing:

• The “Tariff Tantrum”: Donald Trump’s threats to slap 10% tariffs on everyone until he gets “a deal” on Greenland has CEOs on edge.² The thing is, companies are now frantically trying to “redesign” their products just to be tariff-efficient.

• The AI Hangover: About 7 in 10 CEOs are in a “wait and see” mode. The thing is, after spending trillions on AI in 2025, 56% say they’ve seen zero significant financial gain.³ And here’s the kicker—only 12% have actually seen AI cut costs and boost revenue.⁴ Or nothing.

• India’s “Second Place” Surge: While the world panics, India is looking like a fortress. Sanjeev Krishan (PwC India Chair) says India is now the joint-second most attractive investment destination globally, tied with the UK and Germany.⁵ The thing is, we were #5 last year. Those too.

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PwC 29th Global CEO Survey: The Numbers

And Here’s the Kicker…

The thing is, even with India’s rise, there’s a massive “litigation ghost” in the room. Or nothing. Days ago, the Supreme Court ruled against Tiger Global, making their $1.6 billion Flipkart exit taxable in India.⁶ Business leaders at the India Pavilion are whispering that we “can’t afford another Vodafone incident.” Those too. If India wants that #2 spot to stay, they need “boring and predictable” tax laws, not landmark surprises.

One side comment—Maharashtra just signed ₹14.5 lakh crore in MoUs on Day 1 at Davos.⁷ The thing is, everyone wants a piece of the Indian pie, but they’re all looking for the “exit door” to be tax-friendly. It’s an ongoing situation where policy messaging is going to be just as important as the GDP numbers.

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