11 Jan 2023 -

IPC: 2023 may be difficult for “very different reasons”

economics wind farm change

Uncertainty in 2022 caused by COVID-19, Russia’s invasion of Ukraine, rising global inflation rates, and concerns of a recession have contributed to slower global economic growth, according to the IPC’s recent Economic Outlook report.

Shawn DuBravac, IPC’s chief economist, said, “2022 was hard for many reasons. And 2023 could be even more difficult for the economy but for very different reasons.”

“I expect about a third of the world economy will likely be in recession in 2023. Global economic growth has already fallen, slipping from 6% in 2021 to about 3.2% in 2022. Global growth is expected to slow further in 2023, clocking in at less than 2%.

In Europe, electronics manufacturing output fell in October after two months of growth. Output decreased 2 percent (month-on-month), but production remains high. Output is up 4.4 percent over the last year.

He remained more upbeat about the U.S. forecast: “Although some think a recession has already begun in the U.S., this is not my view given the relative strength of other economic data. Industrial production continues to expand, albeit at a slower rate. Unemployment claims remain low and employment levels continue to rise.”

To avoid electronics supply-chain disruptions, you may also wish to consult an expert in electronics component supply. With more than three decades of supply-chain expertise, Astute Electronics is ideally placed to work with you on your daily component requirements.

For more help with looking at supply chain options, contact Astute Electronics

Related News

18 Jul 2024 - General

New Study Unveils Significant Value of Authorised Electronics Distributors

Read more

16 Jul 2024 - Defence

Astute Group Strengthens Embedded Computing Portfolio with AiTech Systems Distribution Deal

Read more

10 Jul 2024 - General

Counterfeit GPUs on the Rise: A Growing Concern for the Electronics Industry

Read more

09 Jul 2024 - General

DRAM Prices Skyrocket Amidst AI Boom and Production Shifts: A Deep Dive into the Memory Market

Read more

08 Jul 2024 - General

US Government Invests in Semiconductor Workforce to Combat Looming Talent Crisis, But Challenges Remain

Read more

07 Jul 2024 - General

Semiconductor Manufacturing Equipment Sales Expected to Explode

Read more