The economics expert considers the challenges facing businesses in Cumbria during 2023 and evidence of business resilience

Peck, Frank (2023) The economics expert considers the challenges facing businesses in Cumbria during 2023 and evidence of business resilience. In Cumbria Magazine, 2023 (Jan). pp. 8-9.

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Abstract

The signs suggest that 2023 is going to be a testing time for businesses across Cumbria. At national level, the main indicator of economic growth, Gross Domestic Product (GDP) – a measure of the value of all goods and services produced in an economy – shows that 2022 is likely to have seen growth of around 4% from a low base level in the previous year which was still impacted negatively by the pandemic. More significantly, the average of all forecasts for 2023 suggests an overall decline of -0.9% for the year. The rate of inflation for 2022 was 12.9% (Retail Price Index) with considerable uncertainty surrounding the rates likely in 2023. Independent forecasts published by the UK Treasury in November range significantly from 2.6%to 11%! Simultaneously, the labour market is expected to remain very tight, acting as a further inhibitor to business growth as firms in many sectors struggle to recruit workers with relevant skills.

Item Type: Article
Journal / Publication Title: In Cumbria Magazine
Publisher: CN Group
Departments: Centre for Regional Economic Development (CRED)
Depositing User: Anna Lupton
Date Deposited: 20 Mar 2023 12:15
Last Modified: 20 Mar 2023 12:15
URI: https://insight.cumbria.ac.uk/id/eprint/6991

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