11 Jan 2023 -
 General

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

29 Feb 2024 - General

Electronics industry optimistic: bright start to 2024

Read more

26 Feb 2024 - General

India’s WTO stance raises concerns for chip industry growth

Read more

22 Feb 2024 - General

Electronics manufacturers cautious but optimistic despite recession fears

Read more

21 Feb 2024 - General

Hidden threat: counterfeit hardware infiltrates 80% of computers

Read more

15 Feb 2024 - General

Chip rush: Global scramble for semiconductor supremacy

Read more

13 Feb 2024 - General

Foxconn faces semiconductor shortage amid ‘AI chip race’

Read more