Global economic growth will be subdued in 2023, weighed down by recessionary pressures in advanced economies, inflation concerns impacting consumer sentiment, and the continuation of monetary policy tightening at least through H1 2023.
To navigate through various volatilities, organizations must prepare risk mitigation plans that will support growth. Companies will need to carefully consider cash flow management, identify the most profitable businesses or product streams, and redirect funds to drive revenues while retaining existing customers and engaging new ones. Also, they must brace for short-term repercussions from escalating COVID-19 outbreaks in China and mild US and Eurozone recessions, yet remain nimble enough to leverage opportunities arising from stronger growth in emerging segments.
While some short-term pain cannot be avoided, firms that proactively launch optimal solutions for recession-weary customers, retool regional business plans, and strategize for the release of subsequent pent-up demand and growth rebound will emerge stronger.
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