Economic Forecast Boosted

Market Overview

1. The World Bank's latest Economic Prospects report boosts the 2023 global economic growth forecast from 1.7% to 2.1%. The increase was fueled by strong U.S. consumer spending and China's swift reopening. Despite the increase, there's a slowdown expected, with 2024's growth predicted at 2.4%, a dip from the first estimate of 2.7%. High inflation, climbing interest rates, and the Ukrainian crisis due to Russia's invasion add risks that could potentially bring the global economy down.

2. Saudi Arabia's strategy to reduce oil production isn't boosting prices as expected. This is mainly because of decreased demand from China and slower growth in U.S. oil consumption, which are both outshining Saudi's promise to cut supply. In response to OPEC's recent moves, the Energy Information Administration (EIA) has increased its oil price forecast. The EIA has bumped its price estimate for the latter half of the year up by $1 to $79 a barrel and also raised its 2024 price target by $9 to $84 a barrel.

3. So far in 2023 only 0.7% of companies seeking venture capital have been able to raise funds. This figure shows not only the decline in available capital but also the increase in the number of startups due to a surge in AI-supported development and Silicon Valley layoffs. Despite this, my clients have a 75% success rate raising and one just got an offer yesterday! If you want to work with me to improve your pitch narrative and raise venture capital, apply here.*

4. Headlines

   1. Reddit is laying off ~5% of its staff

   2. China’s exports were down 7.5% year over year.

5. Interesting Data

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