Lab Brief - December 2024
Hello again,
HOPE YOU are looking forward to the Christmas break – I certainly am, and it looks as if things may be turning more positive when we get back.
The Organisation for Economic Cooperation and Development (OECD) is predicting that growth will remain resilient in 2025 and 2026 although it does acknowledge some significant risks. In its latest Economic Outlook it predicts global GDP growth of 3.3% in 2025, up from 3.2% in 2024, and 3.3% in 2026. Inflation in the OECD is also expected to ease further, from 5.4% in 2024 to 3.8% in 2025 and 3.0% in 2026.
Other forecasts have been more mixed. The latest report from European Tech body, Orgalim highlights a significant decline in demand across various sectors, with 2024 projected to see a 4.8% drop in real turnover for the technology industries. This downturn is attributed to a combination of factors, including weak demand in the automotive sector, particularly for electric vehicles, and reduced demand from both the USA and China.
So how should we interpret these mixed signals? Well, a forecast specifically for our industries by Oxford Economics, highlighted some issues with data gathering. Noting that forecasts are exaggerating positive economic performance in the first half of the year, and making the second half look much worse by comparison.
They also have some positive comments on the chemicals and pharmacuticals industries, which they expect to increse production by 1.7% and 1.2% respectively in 2025. OE also indicate that the Trump presidency is unlikely to have any serious a negative impact on UK although it will have a negative impact on our competitors.
The Oxford Economics report is a detailed, 40 page, forensic look at our sectors, identifying the factors which will impact on us next year. It is produced for GAMBICA members on a shared cost basis, if you would like a copy, you can order one through the website, here. The more general OECD report is available here.
Whatever we encounter when we return next year, have a very happy Christmas break.
Toodle pip!
Jacqueline
In this month's issue...
Comment: Some positive economic news
Opportunity to focus on sales growth for 2025
Cost of doing business hits ten-year high as tensions disrupt trade
EU urged to tackle deteriorating competitiveness
Specialist in cell disruption joins GAMBICA
Research update: New partnership to provide ‘epigenetic map’
UK Carbon Border Adjustment Mechanism to go ahead
Lab construction projects: Norwich, Edinburgh, Vienna, Kenya
Export news: Free trade agreement comes into effect…China publishes IVD reagents clinical trial exemptions... Rules clarified for those wishing to manufacture medical devices in China
Also inside: OECD issues paper on Good Laboratory Practice and IT security | GAMBICA events and industry events