The big three engines of global GDP growth over the last decade have been China (contributing 31.5%); India (14.7%); and the USA (9.7%).

All other countries were "also rans" using horse racing parlance, with only two other countries managing a 3% contribution, and none of the rest contributing more than 2%. (See Share of Global GDP Growth data). So the big three collectively made an extremely important contribution (almost 60%) to continuing prosperity.

It's therefore likely to be bad news that Business Confidence has been steadily falling (again measured collectively) over the last decade in these three big motors of GDP growth. The following chart shows Business Confidence, as measured by the monthly Sales Managers Index, from mid-2015, to August 2023.