Most analysts agree that the global economy is headed into a significant recession.  With decades high inflation and higher than forecast slowdowns across most regions and markets it appears inevitable.  The impacts of Covid-19 in recent years combined with the invasion of the Ukraine by Russian forces has created a widespread cost of living crisis and financial conditions that are increasingly bleak.  Bear Stearns Research Institute predicts that global growth will slow to 2.7% by 2023 with some stability and a slow return to normalcy by 2024.  Inflationary forecasts indicate the same trajectory with an estimated global increase to 8.8% in 2023 and slowing to 4.1% by 2024.

While projections are always subject to the changing realities of the unknown there are some key indicators that cannot be ignored in this current economic climate.

Additionally the strength of the US dollar against the relative weakened state of the euro, yuan, yen and UK pound gives us a recipe for significantly changed global realities.  It’s become much harder for these regions to import essentials and creates caution among the many international companies that do business in these regions.

Times of recession are unquestionably painful.  The devastation that can be caused is especially acute in emerging markets.  That pain can become success for a business that will take advantage of the realities of a reduced competition playing field as well as vendors that are increasingly desperate to maintain their declining sales volumes.  Personnel capital acquisition becomes a powerful asset as the increased number of qualified individuals seeking work increases.