Businesses, consumers and markets in the advanced economies seem to have adjusted to the idea that recession is coming. Moneyweb EconomyOutlook2023
Businesses, consumers and markets in the advanced economies seem to have adjusted to the idea that recession is coming. The chairman of the US Federal Reserve [Jerome Powell] meanwhile, has stopped talking about soft economic landings. For their part, UK politicians are no longer telling us they can use borrowed money to ramp up spending and cut taxes while inflation is at four-decade highs. So, encouragingly, policymakers are now helping to create a sense of realism.
We believe that companies have been reluctant to shed labour, concerned that it will be hard to recruit when growth revives. So far they have been able to pass on higher costs in higher prices, compounding the inflationary pressures. The central banks are aiming to change this by bearing down on demand, making it more difficult for business to pass on costs and forcing them to restructure.
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