Thought of the Day

Global Growth Prospects Looking Good

All Global Sales Indexes Increase in November

5 December 2023
November Sales Managers Survey data suggests that the three biggest engines of global growth are - at last - all indicating renewed global growth. Almost all Sales Indexes in China, the USA and India are now either positive or moving in a positive direction.

India in particular is showing Business Confidence at a 44-month high, but confidence is now looking good in all the three leading players in the world economy. The Global Sales Managers Index is at a 24 month high, rising rapidly since late summer.

All the Global Indexes are now positive. The Sales Growth Index is up at a 27 month high. The Market Growth Index at a 9 month high. And even the Jobs Index, which has been looking rather miserable through most of 2023, is showing signs of life, with a positive 50+ Index reading and at a 5 month high.

Even Price inflation, for so long riding high and forcing central banks to raise interest rates, no longer appears to form a serious threat, with the Global Price Index sinking to a very modest 51.2 reading, compatible with modest price rises.

All too good to be true? Possibly. But all indications from the November survey, taken over a period of time with many indications of uncertainty present, does appear to suggest that there is a reasonable chance that 2024, at least from an economic perspective, may not be as bad as many fear.
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