Facing the Future: Successfully Navigating the Uncertain Path Ahead
It’s Only Common Sense: Going After the Small Wins Fosters a Winning Culture
The Chemical Connection: Surface Finishes for PCBs
Volatility and Uncertainty Will Continue to Influence Economic Outlook in the Early Months of 2023
January 2, 2023 | IPCEstimated reading time: 1 minute
COVID-19, Russia’s invasion of Ukraine, soaring global inflation rates and recession fears were major contributors to the cloud of uncertainty in 2022 and also to slower global economic growth, per IPC’s December Economic Outlook report.
“Many believe a recession is a foregone conclusion in 2023,” said Shawn DuBravac, IPC’s chief economist. “I expect about a third of the world economy will likely be in recession in 2023. Global economic growth has already fallen, slipping from six percent in 2021 to about 3.2 percent in 2022. Global growth is expected to slow further in 2023, clocking in at less than two percent,” DuBravac added.
Additional data in report show:
- Global inflation rose from 4.7 percent in 2021 to 8.8 percent in 2022 and should fall to around 6.5 percent in 2023 and four percent in 2024.
- U.S. economic activity is expected to increase just 0.3 percent in 2023.
- U.S. industrial production fell 0.2 percent in November, the second straight month of decline. Despite the weak November results, production of consumer goods was up 1.8 percent in the past year and production of business equipment was up 5.7 percent.
- In Europe, electronics manufacturing output fell in October after two months of growth. Output decreased 2 percent (month-on-month), but production remains high. Output is up 4.4 percent over the last year.
View full report. For more information on IPC’s industry intelligence program including new reports, visit: www.ipc.org/advocacy/industry-intelligence.
Share on:
Suggested Items
IPC President’s Award: Dr. Thomas Marktscheffel
04/15/2025 | Nolan Johnson, I-Connect007At ASMPT SMT Solutions, Thomas Marktscheffel, director of product management software solutions, is responsible for the SMT line software portfolio. As a member and leader of several IPC committees, he is also a driving force for global industry standards such as IPC-2591 CFX and IPC-HERMES-9852, which make it possible to provide plug-and-play connectivity for intelligent SMT Factories. In 2015, he participated in the IPC-1782 A-team and subsequently joined the IPC-2591 CFX standard A-team, which became the new SMT industry communication standard following its first release in March 2019.
BEST Inc to Host Soldering 101 Workshop at Illinois & Michigan Locations
04/15/2025 | BEST Inc.BEST Inc., a leader in electronic component services, training, and products is pleased to announce it will host multiple Soldering 101 workshops in its Rolling Meadows, Illinois and Lansing, Michigan locations.
Explore TRI's Test and Inspection Innovations at ElectroneX
04/15/2025 | TRIGPC Electronics, TRI's industry partner, will participate in the ElectroneX Electronics Design & Assembly Expo 2025 at the Melbourne Convention & Exhibition Centre, Australia, on May 7–8, 2025.
HT Pho-Tronics Appoints Ankit B. Goti as New General Manager to Drive Strategic Growth
04/14/2025 | HT Pho-TronicsHT Pho-Tronics, a leading provider of high-reliability printed circuit boards (PCBs), proudly announces the appointment of Ankit B. Goti as the company’s new General Manager, effective immediately.
IPC Welcomes Exemptions to Reciprocal Tariffs
04/14/2025 | IPCIPC shared the following statement today on tariff exclusions and their implications on the global electronics industry. This statement can be attributed to Dr. John W. Mitchell, IPC president and CEO: