“The World Bank sharply lowered its growth forecast for the global economy this year as persistently high inflation has elevated the risk for a worldwide recession,” the Journal reported, highlighting the uncertainty being “injected” by ongoing issues in China and Ukraine. 1
“The bank expects global growth to slow to 1.7% in 2023, down from an estimate of 3% growth in June. That would mark the third-weakest pace of global growth in nearly three decades, overshadowed only by the 2009 and 2020 downturns.” 1
Business uncertainty has become a way of life during the past few years, with a global pandemic, soaring inflation, supply chain issues, rising interest rates and ongoing talent shortages combining to heap pressure on executives and the teams they lead.
These uncertain times are showing no signs of abating any time soon, as evidenced in a Key Issues 2023 webinar hosted by global research firm Everest Group where leading experts highlighted large companies “are all acting in some sort of fear of recession by taking a conservative stance towards their human capital to the extent of layoffs”2.
While economic uncertainty is a reality for businesses in 2023, it is also the case that such concerns can be eased and even overcome. All it takes is education, planning and a willingness to get in front of a crisis rather than waiting for it to arrive.
Executives may not be able to control the economy but they can control their businesses, be it by readjusting their budgets, embracing a new resourcing model or stepping up CX efforts when others are cutting back. Ultimately, the most successful and enduring organisations are those that consider recession-proofing an everyday exercise, one that begins long before a recession is even predicted, and are prepared to evolve when circumstances necessitate.
With contact centres an integral part of the CX offering, executives are on a mission to adopt advanced tools and solutions to offer superior customer experiences. Discover four CX technology trends set to sweep the contact centre environment in 2023.
1 World Bank Cuts 2023 Global Growth Projection as Inflation Persists - WSJ
2 Everest Group Reports - View (everestgrp.com)
4 In Times of Economic Uncertainty, Invest in CX Technologies | No Jitter
5 Creating Effective Customer Experience Strategies | Deloitte US
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