The focus of the November Market Pulse went global. While US economic growth rose in Q3 2023, the pace is not expected to last*. The IMF is predicting global growth may slow from 3.5% in 2022 to 3.0% in 2023, and 2.9% in 2024 on an average annual basis. Simultaneously, according to the IMF, global headline inflation is expected to decrease steadily from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024**. As we track global credit trends, we’ve observed 3 common themes:
-Inflationary pressures continue to mount around the world
-Card and personal loan demand have grown
-Non-mortgage debt continues to increase***
How will the US economy fare given these global headwinds? What can US companies do to build resilience into their 2024 plans? Join us for a panel with Equifax experts from the US, the UK, and Canada as we answer these and all your questions about what global headwinds mean for your business and US consumers.
*Source: The New York Times, “U.S. Economic Growth Accelerated in the Third Quarter,” Oct. 26, 2023
**Source: IMF World Economic Outlook Report October 2023
***Source: Equifax Global Credit Trends Q2 2023
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