In the August 2023 edition of the Economic Update, our economists delve into a comprehensive analysis of the current state of the global economy.
In this publication they delve into the economic conditions within specific regions, offering observations on key indicators such as monetary policy, performance of emerging markets inflation and interest rates. Lastly, our experts will provide a glimpse into the regional outlook for credit and insolvencies.
- Global – Past monetary tightening is increasingly feeding into the real economy, dragging on consumer and business confidence. We expect global GDP growth to slow more gradually through the remainder of the year and next
- Eurozone – Sentiment indicators are pointing to a worsening economic climate, with services outperforming manufacturing. For the remainder of the year, we expect subdued GDP growth
- US and UK – As inflation trends downwards in the US and UK, core inflation remains stubborn. This is forcing policymakers to keep rates higher for longer
- Emerging markets – We expect EME growth to stay in lower gear in 2023, with Emerging Asia leading the other regions, while Latin America is lagging
- Credit and insolvencies – For 2023 we predict another increase in the global level of insolvencies as the adjustment to normal insolvency levels continues