What’s on the cards for businesses in 2023? From air travel to artificial intelligence, discover TheEIU’s global round-up
Food shortages loom in 2023 as a result of the war in Ukraine and climate change. Theexpects 19m more people to be undernourished, with nearly 830m going hungry worldwide. Harvests will be thinner in many places. Planting will be hurt globally by a lack of fertilisers from Russia and high energy prices, and the aftermath of 2022’s droughts. Production of wheat and maize will fall, though rice output will climb. Grain exports from Ukraine will be low as Russia plays games with its blockades.
Pharma firms will step up acquisitions to cope with patent expiries and generic competition—notably for Abbvie’s anti-inflammatory Humira, the world’s bestselling drug. General Electric will press ahead with spinning off and listingHealthcare. Pfizer, planning a greener future, will switch its North American operations entirely to solar power in 2023.: Baby steps. Genomics England, a government research body, will screen up to 100,000 newborns in 2023 to gather data on rare diseases.
Trends seeded during the pandemic will bear fruit. Digital advertising will steal more print dollars, reaching 57% of total spending. Within this, expenditure on mobile ads will increase the fastest, thanks to popular games and short videos. Developing countries in which digital-media consumption is rising—such as Brazil and India—will lead the way. However, depreciating currencies in emerging markets will mean lower profits for America’s technology giants.
The green-energy transition and digitisation will stoke demand for copper and other metals. Electric vehicles and electronics will fuel consumption of lithium, nickel and rare-earth metals.: Not-so rare earths. American Rare Earths, an Australian mining firm, will release results from its Halleck Creek site in America, where it expects to find over 1bn tonnes of the 17 rare-earth minerals needed for battery production.
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