Rampant inflation, aggressive interest rate hikes by Central Banks and elevated geopolitical tensions saw global economic growth slow notably over the course of 2022. However, looking back over the first six months of 2023, many of the key advanced economies have performed better than anticipated.

Economic data has tended to surprise to the upside of forecasts over recent months. Falling commodity and energy prices, a clear downward move in headline inflation, the re-opening of the Chinese economy, and continuing strong labour markets, have provided a supportive backdrop in the first half of the year.