The November Market Pulse is going global. While US economic growth rose in Q3 2023, the pace is not expected to last*. The IMF is predicting global growth may slow from 3.5% in 2022 to 3.0% in 2023, and 2.9% in 2024 on an average annual basis. Simultaneously, according to the IMF, global headline inflation is expected to decrease steadily from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024**. As we track global credit trends, we’ve observed 3 common themes:
-Inflationary pressures continue to mount around the world
-Card and personal loan demand have grown
-Non-mortgage debt continues to increase***
How will the US economy fare given these global headwinds? What can US companies do to build resilience into their 2024 plans? The slides from our November Market Pulse webinar include the content presented on what global headwinds mean for your business and US consumers.
*Source: The New York Times, “U.S. Economic Growth Accelerated in the Third Quarter,” Oct. 26, 2023
**Source: IMF World Economic Outlook Report October 2023
***Source: Equifax Global Credit Trends Q2 2023