It’s been a long time coming, but most economies are emerging from the global downturn—and growing. Executives who slogged through years of recession or stagnation are feeling more confi dent, even exuberant—perhaps too exuberant. Many also see disruptions and challenges ahead. Forces such as the demographics of emerging economies, aging populations and resource scarcity are accelerating deep structural shifts in global markets. And although these forces generate opportunities for growth, they also unleash risks. Digital technologies, for example, give rise to new markets, but they also bring volatility, macroeconomic shocks and disruption: Think cyber attacks, which are now a hazard for all companies as digital connectivity becomes the norm. As executives grapple with a landscape increasingly dominated by technology and change, they plan to spend more on innovation, IT and long-term growth capabilities, and they are embracing digital transformation tools.