HK Highlights 1 - Digital Magazine Version - Flipbook - Page 9
On the World Stage
OTHER
ULENT
YEAR
PERMACRISIS
RISING RATES
GRC professionals and independent
directors had plenty to keep track of
in 2023, which was a busy year for
昀椀nancial markets, global regulation,
geopolitics and climate change alike,
not to mention general scandal in the
public domain.
Interest rates were steadily raised
around the world until nearly the end
of the year, when surging in昀氀ation
昀椀nally began to cool and signals
seemed to be given of potential
rate cuts in 2024.
Risk registers are now so busy - and
world leaders paying such close
attention - that a trio of major 昀椀gures
in global 昀椀nance - Mohammed El-Erian,
Gordon Brown and Michael Spence published a book in 2023 called
‘Permacrisis: A Plan to Fix a Fractured
World’. Doubtless a daunting but
important read, ‘Permacrisis’ is naturally
on the shortlist for a meeting of the
Halsey Keetch Book Club in 2024!
Defying expectations, the Federal
Reserve seems to have pulled off a
‘soft landing’ for the US economy,
which grew solidly in 2023 whilst
in昀氀ation cooled, although high rates
are hurting businesses and corporate
bankruptcies are now markedly on the
rise. Chief Risk Of昀椀cers in the banking
sector and investment risk experts
across the investment industry will
be watching these developments
closely and pragmatically.
HK HIGHLIGHTS
PAGE 9