2022 was a year of uncertainty dominated by the impact of Russia’s invasion of Ukraine, high commodity prices, soaring global inflation, a cost-of-living crisis squeezing consumer spending potential and China’s controversial zero-COVID policy. Here is a look at the insights which resonated the most with our audience.
In 2023, global economies will continue to face multiple macroeconomic headwinds, including geopolitical uncertainties, inflation and tightened financial conditions. Global economic growth is expected to further slow, while cities will witness subdued consumer spending growth.
The worsened economic outlook and energy price shocks are forecast to weigh on the global manufacturing sector in 2023, with industries with high energy intensity and highly reliant on investment demand being the most vulnerable. However, despite the clouded outlook, global supply chain problems are forecast to ease in 2023 and provide relief to the global manufacturing sector. Ongoing production reshoring efforts and tight labour markets are also forecast to support faster investment growth in digital and production automation tools.
Trade tensions and major disruptions in global supply chains have pushed investors to look for alternative business locations. The regional bloc of the Association of Southeast Asian Nations (ASEAN) is increasingly viewed as a prospective option for new investments thanks to trade liberalisation, rapid digital advancement and cost advantages.
Our recent Voice of The Consumer: Lifestyle Survey indicates that over 30% of consumers in Europe intend to put more money aside for savings in 2022. At the same time, over 50% of surveyed Europeans report value for money as a factor of choice when buying household essentials.
Cities in emerging and developing countries have been the engines of economic growth over the last two decades. Nonetheless, high debt levels, rising inflation and other risks could upend economic growth and slow income expansion in emerging and developing cities.
Digitally minded consumers are forcing financial institutions to rethink the way they do business. These consumers want to bank when and how it suits them. Financial institutions must innovate quickly to keep up with consumer demands and to respond to challenges from non-traditional competitors.
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