Thought for the day

Global Sales Managers Index At 15 Month High


 
Last updated: 3 July 2024
 
The threat of global recession in 2023 is receding, as new April data shows the Chinese economy recovering faster than expected from Covid lockdowns, and the Indian and US economies pick up speed.

These three economies together have provided close to 60% of all global growth in recent years, so their steadily rising growth over the first third of the year, albeit relatively modest in 2023 to date, provides substantial evidence that global growth is a more likely outcome than recession over the year as a whole.

All global sales related Indexes remained above the crucial 50 "no growth" line in March. The Business Confidence, Market Growth, Jobs and overall Sales Managers Indexes reached 14, 15, 17, and 15 month highs respectively. All indications of continuing growth in the world's three biggest economies.

Global Sales Managers Index
Diffusion Index. (50 = 'No Growth')
Global Sales Managers Index At 15 Month High

It's 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 four decades, so the revival of economic activity in China suggested by the April Sales Indexes is a particularly positive sign.
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