Korean C-suites focus on reviewing supply chains and global expansion to address economic uncertainties and increased competition

9 May 2025: Forvis Mazars in Korea has released the 2025 edition of its annual C-suite barometer, a comprehensive survey analysing how Korean business leaders view the economy, strategic challenges, and investment priorities for the year ahead. While global executives report confidence about growth in 2025, Korean executives show a markedly more cautious outlook. Only 16% of Korean respondents expressed a “very positive” view of growth prospects in the coming year, significantly below the global average of 36%. Leading concerns among Korean business leaders include economic uncertainty, intensifying global competition, and geopolitical instability, particularly trade tensions involving the U.S., which remain a key concern for Korea’s export-driven economy.

Partner and Head of Korean Global Services, Hyun-Ho Shim, said: “Our survey shows that international expansion is not just an ambition but a necessity for Korean firms. However, as global trade dynamics shift, success will depend on companies’ ability to adapt strategies to local market realities.” Despite the cautious tone, Korean firms are not retreating. 66% plan to expand into new markets within the next five years, with top targets including the U.S., China, India, Japan and Saudi Arabia. Yet success abroad is not guaranteed. Companies identify regulatory compliance, local supply chain development, and product localization as the most pressing challenges.

Looking at long-term strategy, Korean executives identified their top five priorities for the next three to five years as reviewing supply chains and operations (42%), transforming IT and technology infrastructure (32%), entering new product or service categories (32%), securing private equity or alternative funding sources (32%), and pursuing restructuring or cost reduction initiatives (24%). There is particularly strong momentum behind digital transformation, with companies focused on AI adoption, enterprise-wide data integration, and the development of comprehensive data governance strategies.

Key barriers to growth identified by Korean respondents include economic volatility (56%), energy price increases (50%), political tensions (36%), and a shortage of skilled talent (24%). Hiring difficulties remain persistent across all experience levels for 40% of Korean firms, with executives pointing to a limited talent pool, challenges in attracting suitable candidates, and a lack of internal capacity for workforce development as major issues.

As companies pursue AI and global expansion, they face a growing skills gap in areas such as data analytics, leadership, and global strategy. Furthermore, Korean firms’ emphasis on traditional work schedules (62%) contrasts with global trends that favor hybrid work environments.

There is also growing investment in digital transformation, though Korean companies remain cautious about emerging technologies. 60% are adopting AI, primarily for internal process optimization, but ethical concerns and skill shortages are showing broader implementation.

Country Lead Partner, Julien Herveau, added: “Korean business is at a pivotal moment. As our C-suite barometer shows, leaders are aware of the pressures brought on by economic uncertainty, global competition, and regulatory complexity. But they are not standing still. We see a willingness to grow through international expansion, digital transformation, and smarter operations. The challenge now is to turn ambition into action by building resilience, fostering talent, and adapting to new global realities.

As Korean businesses navigate an increasingly uncertain and competitive global environment, the findings from this year’s C-suite barometer offer not only a snapshot of executive sentiment but also a roadmap for action. From operational efficiency and AI adoption to talent strategy and ESG preparedness, the priorities are clear—but so too are the complexities. Forvis Mazars in Korea remains committed to supporting business leaders through these transitions, providing the insight, agility, and guidance needed to turn strategy into success in 2025 and beyond.

* Forvis Mazars surveyed 1,706 C-suite executives around the world for its 2025 C-suite barometer. The fieldwork was conducted via online panels in Q4 2024.

– ENDS –

Contacts

Tae-Hee Kong, MarCom, Forvis Mazars in Korea
tae-hee.kong@forvismazars.com / +82 (0)2 3438 2457

Heather McMaster, Group Head of PR and Content
Heather.McMaster@mazars.co.uk  / +44 (0) 20 7063 4165  

About Forvis Mazars
Forvis Mazars Group SC is an independent member of Forvis Mazars Global, a leading professional services network. Operating as an internationally integrated partnership in over 100 countries and territories, Forvis Mazars Group specialises in audit, tax and advisory services. The partnership draws on the expertise and cultural understanding of over 35,000 professionals across the globe to assist clients of all sizes at every stage in their development.

Visit forvismazars.com to learn more.

About Forvis Mazars in Korea
Forvis Mazars in Korea (Forvis Mazars Sebit Accounting Corporation) is a member of Forvis Mazars Group, a leading professional services network. Specializing in audit, tax, advisory, and outsourcing, Forvis Mazars in Korea supports local and foreign-invested companies operating businesses in Korea and globally. With expertise and cultural understanding, our 100+ professionals assist clients of all sizes at every stage of their development.

Visit http://forvismazars.com/kr to learn more.