According to the company, only 36% of executives surveyed say they are "very confident" of business growth over the next 12 months. Their prospects however improve in the longer term, with more than half (54%) expressing a high level of confidence for the next three to five years, PwC noted.

Asia Pacific CEOs also believe the region is on track to achieve greater economic integration, a top priority for the Asia Pacific Economic Cooperation (APEC), whose summit meeting begins in Vladivostok, Russia, later this week, PwC said. Nearly half of CEOs say removing barriers to trade in services is a key to greater integration within the 21 APEC members, said PwC, adding that CEOs also called on APEC's political leaders to harmonize regulations across the region and to do more to encourage labor mobility and the free flow of investment.

According to PwC, CEOs believe that the top economic risks to their growth were a spike in oil prices to beyond US$150 per barrel, a US recession, breakup of the Euro zone, and the slowing of China's growth to below 7.5% of gross domestic product.

Other top concerns cited were a major disruption of the internet or cyberattack, and a pandemic or natural disaster, PwC added.