Global Growth Index At 13-Month High


 
The threat of global recession in 2023 is (slowly) receding, as new March data shows the Chinese economy recovering faster than expected from Covid lockdowns.


All global sales related Indexes except staffing remained above the crucial 50 "no growth" line in March. The Market Growth and Business Confidence Indexes reached 13 and 14 month highs respectively.

The Sales Growth Index again stayed very positive with a reading close to 53. The Chinese Services Sales Growth Index contributed most to the Global Sales Index, rising to a hefty 56.2 reading.

With major bank failures reported in both the US and Europe in March, it's clearly too early to suggest that the possibility of global economic recession in 2023 has been entirely banished.

But the much forecast shadow has certainly receded. There is no doubt that China has been the primary motor of global growth over the past three decades, so the revival of economic activity in China suggested by the March Sales Indexes is certainly a very positive sign.

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