Global growth held up in 2023, but some economies experienced a recession
Strong immigration has boosted the labour force in some countries, and labour shortages have generally eased
Real income growth has started to recover in many countries
Recent activity indicators point to improved confidence but modest growth momentum
Inflation pressures continue to ease
Goods price inflation is back to normal levels, but services price inflation is still high
Supply factors account for the bulk of disinflation over the past year
Export orders have begun to improve but shipping costs remain elevated
The impact of shipping attacks on supply chains is so far limited
Bank lending and deposit rates have stopped rising in the advanced economies