KPMG convened a cross-industry group of chief financial officers (CFOs) to continue the discussion started in July on staffing challenges, as well as share insights on geopolitical factors exacerbating some of the issues CFOs are facing.
- Recession seems imminent given the Fed’s fourth consecutive 0.75 percent rate hike.
- The Russia/Ukraine conflict is likely to continue to have an impact for up to a decade, including leaving Russia as a second-tier commodity exporter.
- Although China is the world’s second largest economy, the country is no longer driving global growth.
- The energy crisis is the biggest concern in Europe, particularly in the UK and Germany, where some businesses and industries may fail when stockpiles are depleted.
- Staffing challenges continue to challenge CFOs across all industries, although there are exceptionally challenging shortages in the hospitality and leisure, childcare, education, and nursing professions.
- Although male workforce participation has reached pre-pandemic levels, and women are starting to come back to the labor market, the U.S. ranks 9 to 10 percentage points lower than Canada when it comes to labor participation.
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