Summary of Quarterly Economic and Investment Update Conference Call

The macroeconomic outlook continues to be influenced by elevated inflation and the tight monetary policy of central banks around the world. While inflationary pressures have begun to ease, this has yet to feed through fully into consumer prices. The expectation is consumer prices should decline significantly during the second half of 2023.

Meanwhile, economic growth in the major economies remains remarkably resilient, with forecasts for 2023 being revised up across the Eurozone, UK and in the US. The Eurozone and the UK had been expected to enter recession during the first half of 2023, but, for now at least, it appears they have managed to avoid this. The global economy is now anticipated to grow by a reasonably respectable 2.2% in 2023, which compares with the 1.3% forecast at the start of the year.

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