EXEC-EDU Survey: Nearly half of Romanian managers anticipate an economic downturn in 2026

• The 2026 paradox: macro-level caution, micro-level ambition. Although 41% of managers foresee an economic decline, 42% expect growth within their own company — proof that organizations with a clear strategy and consistent execution can gain ground even in a contracting market.
• The strategy–execution gap: the distance between intent and outcome. Only 15% of respondents say there is full alignment between plans and actions, while 31% admit their strategy is fragmented and difficult to implement.
• Middle management — the engine that stalls. 54% of managers say they cannot implement strategy due to lack of resources, 27% cite unclear communication, 21% have limited autonomy, and 23% face too many KPIs and conflicting objectives. The conclusion: middle managers need a clear direction and real mandate to deliver results.
• Leadership — the strongest predictor of retention. For 82% of respondents, employee loyalty depends primarily on the direct manager, followed by those who emphasize meaningful projects and autonomy (45%) and attractive benefits packages (41%).
• Protecting the business core means investing in relationships. For 47% of respondents, this concept translates into retaining key talent, while for 45%, it means building loyalty among existing clients — clear evidence that, in an uncertain 2026, relationships—with people and with clients—remain the safest investment.

Against the backdrop of major shifts in the local economy, almost half of Romanian managers (41%) anticipate a decline in the country’s economy in 2026, driven by a challenging economic and political context. Another 27% believe the economy will remain stable, while a share of 32% expect slow growth. When it comes to their company performance, 49% of respondents estimate that their organization’s activity will stagnate next year, while 42% remain optimistic, predicting revenue growth for their business in 2026. These are the findings of a new opinion barometer conducted among Romanian managers by EXEC-EDU, the leader in executive education — the top segment of the training market.

For 65% of respondents, next year’s priorities focus on operational efficiency — through cost optimization, quality improvement, and shorter delivery times. Almost half (51%) plan to diversify their product and service portfolios, while 36% intend to explore new business segments or expand into other markets. Additionally, 32% aim to innovate their business model.

More than half of participants (53%) believe that in 2026 the industries with the highest potential for new business initiatives will be energy and utilities, followed by healthcare and pharmaceuticals (35%), and then IT & digital, retail & e-commerce, manufacturing, logistics, and financial services.

When it comes to turning their 2026 plans into tangible actions, 38% of respondents say that within their company, the strategy is largely coherent and well-executed. Conversely, 31% report that strategy is fragmented across departments, limiting implementation consistency, while only 15% claim full alignment between strategy and execution.

“The results of this study clearly show that Romanian business leaders are aware of the need for transformation — whether through digitalization, operational efficiency, or developing new business lines. However, for these intentions to translate into coherent action, investment in strategic thinking, AI, leadership, and change management skills is essential. At EXEC-EDU, we support this transformation through pragmatic programs in training, mentoring, and coaching, dedicated to leaders who want to navigate complex business environments with clarity,” said Oana Scarlat, CEO of EXEC-EDU.

For 64% of managers, 2026 will require major strategic changes in their operational model and digitalization processes. In addition, 39% believe that transformation should focus on the product and service portfolio, while 30% plan to expand into new markets or countries. For 26%, the priority lies in organizational restructuring to support adaptation to new economic realities.

Among middle managers, 54% say they are unable to implement strategies due to a lack of resources — whether time or personnel. 34% cite internal procedures and excessive bureaucracy as the main obstacle, while 27% point to unclear communication from top management as a key challenge. In addition, 21% report limited autonomy, and 23% mention too many KPIs or conflicting objectives, which reduce efficiency.

In a challenging economic environment, 47% of managers associate protecting the business core with retaining key talent, while 43% define it as maintaining profit margins in their main business lines. Another 45% see customer loyalty as essential, and 29% emphasize operational continuity and supply chain risk management.

A vast majority — 82% of Romanian managers — believe that in 2026, amid economic uncertainty, employee loyalty will depend primarily on the direct manager and the quality of leadership they provide. In a time when stability has become a luxury, the relationship between employee and leader is more critical than ever. Moreover, 45% say employees increasingly value meaningful projects and autonomy at work, while 41% highlight the importance of benefits packages. For 36%, flexibility and the possibility of hybrid work are key retention factors, and 30% mention career development opportunities as a major driver of engagement.

When it comes to learning and development budgets, 56% of respondents say their training investments will remain unchanged in 2026, even though the year is expected to bring numerous challenges. Managers are choosing not to cut these budgets, aware that people development remains essential even in difficult times. Only 23% of companies plan reductions, while 15% intend to increase investments in employee training.

As for priority areas, 60% of managers will direct their budgets toward digitalization, data, and artificial intelligence programs. 48% plan to invest in management, leadership, and coaching programs, while 25% intend to organize team building and team development activities. Likewise, 25% will allocate funds for sales and customer service training.

The EXEC-EDU survey, conducted in October, gathered responses from managers across industries such as retail, IT, oil & gas, education, FMCG, banking, agribusiness, courier services, transport, and consulting.

29% of participants work in companies with 50–250 employees, 21% in organizations with over 1,000 employees, 17% in those with 250–1,000 employees, and another 17% in teams of 10–50 people.

Regarding ownership structure, 46% of respondents work in Romanian-owned companies, 38% in foreign-owned companies, and the rest in joint-venture or mixed-capital firms.

From a revenue perspective, 54% come from companies generating over €10 million annually, 30% from organizations with under €5 million, and the rest from those reporting between €5–10 million in annual turnover.

The survey “How Leaders Respond to Complexity in 2026” was launched on October 30, during an event that brought together over 80 business leaders.

About EXEC-EDU

With more than 20 years of experience, EXEC-EDU is Romania’s market leader in executive education, representing the top segment of the training market. The organization brings together over 50 trainers and experts and has trained nearly 20,000 participants to date.