2023 was a challenging year for the global economy as it contended with rising interest rates, costof-living pressures and slower growth. However, it was not without some bright spots. Employment continued to expand, with unemployment rates remaining very low in all the main economies. Inflation fell sharply over the course of the year, with the headline CPI rates declining to 2.4% in the Eurozone and 3% in the US towards the end of 2023. The US economy proved the star performer, with GDP growth actually accelerating to around 2.5% from 2.1% in 2022. Europe, though, largely stagnated. Meanwhile, stock markets had a strong year, while currency markets were generally range-bound with the notable exception of the marked decline in the value of the yen.