The latest 2023 quarterly forecast data shows gradual improvements to economic projections for the year. But the global outlook remains weak as challenges persist.
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This infographic gives you data and insights on the rising cost of living in 2023. Get a breakdown of cost-of-living growth, price increases and essential spending in major economies.
Resilient consumer spending in advanced economies and China’s recovery resulted in slight improvements to global economic projections for the year.
2022 faced simultaneous headwinds: inflation reached record levels around the globe, driven by energy and food shortages because of the war in Ukraine. The ensuing rise in interest rates coupled with growing political tensions has negatively impacted consumer and business confidence, resulting in a projected fall of real GDP to 2.3% in 2023. Against this bleak backdrop, the issue of climate change is more pressing than ever.
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Economic uncertainty is expected to continue throughout 2023. But some economies like the US have been more resilient than anticipated from a result of a strong labour market.
You wouldn’t expect a pilot about to embark on a transatlantic flight to fail to run through his pre-take off checks and review the weather forecast for the journey. So why would a business fail to engage in market research before setting out on a particular strategy, product launch or important decision?