Last Month Today – December 2022 in review

J.P. Morgan’s forecast for global economic growth

Against the historic volatility of 2020 and 2021 — which saw the deepest global downturn on record, followed by the strongest rebound — 2022 growth outcomes were far more stable. But this year has been remarkably turbulent, with the global economy hit by multiple adverse shocks — from supply and demand issues spilling into labor markets and a third major wave of COVID-19 to Russia’s invasion of Ukraine.

Turning toward 2023, the monetary policy tightening drag is building, and central banks remain on the march. “With the winter set to aggravate China’s COVID problems and Europe’s natural gas crisis, the global growth outlook remains depressed, but we do not see the global economy at imminent risk of sliding into recession in early 2023. The financial conditions drag is being cushioned by a fading of supply chain and commodity price shocks,” said Bruce Kasman, Head of Economic and Policy Research at J.P. Morgan.

The global economy is projected to expand at a sluggish pace of around 1.6%. Global consumer price index (CPI) inflation is on track to slow toward 3.5% in early 2023 after approaching 10% in the second half of 2022.

“Circumstances warrant considering a range of scenarios. The dominant event across different scenarios presented is a U.S. recession before the end of 2024. But the timing of this break, the path of Fed policy and the reverberations for the rest of the world vary,” added Kasman.

Crisis24 launches Global Risk Forecast 2023

Leading global risk management firm Crisis24, a GardaWorld company, released its annual Global Risk Forecast that provides expert insight and analysis on various risks for businesses and organizations in 2023.

Compiled by more than 150 intelligence experts based across four continents and drawing from more than 21,000 sources in 25 different languages, the report includes risks across various intelligence categories, with an emphasis on categorical and regional risks. The 2023 Global Risk Forecast aims to help organizational leaders make strategic decisions to best protect their people and operations anywhere in the world by breaking down key global risks.

Key topics analyzed in the forecast include:

  • Growing insecurity and instability expected across Africa due to the fallouts of the Russia-Ukraine war
  • Economic competition between the US & China likely to reshape supply chains the APAC region
  • Economic turmoil to cause political upheaval in the Americas
  • Ongoing conflict in Ukraine; implications throughout Europe
  • MENA region’s uptick in social unrest amid rising prices of food and fuel
  • La Nina oscillation forecast
  • Vaccine-preventable diseases in a post-COVID-19 world
  • The future of air travel
  • Anticipated increase in low-level piracy

Bad energy habits are sweeping the world

A new survey of 6,000 homeowners and renters from across the globe has revealed that nearly 9 in 10 (89%) respondents globally ignore what’s best when it comes to energy efficiency in the home, despite 80% of those surveyed knowing how to use their household appliances in an energy efficient way.

The survey, commissioned by leading home appliance brand Beko, looks at global consumer attitudes and behaviors concerning energy efficiency and is part of its latest campaign to shed light on how kitchen appliances are used efficiently in the home.

Gen Z were revealed as one of the most knowledgeable demographics when it comes to energy efficiency with over 60% of Gen Z reading the instructions whenever they buy a new appliance. Despite this product knowledge, data shows Gen Z can often make accidental mistakes when it comes to their appliances, with 76% having used the wrong setting on their appliance, causing them to spoil their food/drink or damage their clothing.

The survey also reveals that those over 64 are the generation least likely to prioritize energy efficiency when buying new products, with only 6 in 10 (63%) taking action, compared to younger generations (81% of Millennials) – and nearly 7 in 10 (67%) not interested in replacing their current products. However, those over 64 are the generation who claimed to be most aware of how to use all their appliances in the most efficient way (86%), despite the majority sticking to the same settings on their washing machine.

Less than perfect customer experience diminish loyalty towards big-box retailers

ActiveCampaign, the leader in marketing automation, revealed through its latest survey that consumers’ loyalties aren’t etched in stone as we approach the new year. In fact, only 12% of respondents said big-box retailers exceed their overall customer experience expectations, signaling ample opportunity for SMBs to swoop in and gain their loyalty.

76% of consumers said big-box retailers are better than SMBs at solving their customer experience problems and 71% said big-box retailers are better at responding to them in a timely manner. While many growing businesses are trying their hand at TikTok virality, NFTs and the metaverse, this data proves flashy tactics aren’t the answer to improving the customer experience at scale. As small businesses prepare for 2023, their top customer experience priorities should be problem-solving and response times.

“Every small business has its own unique products and services. Therefore, every small business should have its own unique customer experience as well,” said Jason VandeBoom, founder and CEO of ActiveCampaign. “Loyal customers are going to expect fast response times and 1:1 customer service. As businesses scale, it gets harder to maintain those experiences. To do so, they will need to automate routine tasks, including their CRM and email marketing. By implementing automation where this technology shines, humans can focus on talking and listening to their customers.”


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