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The spiraling out of control economy is a subject we should all be aware of, as it means tighter spending and cutting back on unessential items like overseas holidays, eating out, and even owning your own property.

After the pandemic nations are struggling to get back to normality, as global growth is slowing sharply while worldwide economic output is projected to be just 1.7% in 2023, according to the latest analysis from the World Bank Group.

World Bank economists are warning that the downturn would be widespread and any adverse developments risk pushing the global economy into recession.

Annual GDP growth in the United States is projected at 1.5% in 2023 and 0.9% in 2024. Meanwhile, growth in the Eurozone is projected to be 0.8% in 2023 but pick up to 1.5% in 2024 as the drag on incomes from high energy prices recedes. Growth in China is expected to rebound to 5.3% this year and 4.9% in 2024.

One-way companies are addressing such dire straits is by reducing head count and streamlining expenditure to cope. Potential home owners are looking for more realistic options whilst some are turning to mini-sized apartment dwelling, or even living out of fitted-out smallish vans to have their own residence.

However, with no postal address they would need a PO Box to receive mail. A Post Office Box provides speed, privacy, security, convenience and mobility. Additionally, P.O. box mail is often delivered earlier in the day than mail at a home or business and lets customers keep their home addresses unpublished. Packages are kept safe and secure until they are picked up.

Have a great day!

Prof. Carl Boniface

Vocabulary builder:

Downsizing (v) = regular verb downsize means to make (a company or organization) smaller by eliminating staff positions. "A TV news producer told what happened after her network downsized the newsroom." 2. move to a smaller place of residence. "He is downsizing from a large six-bedroom house to a one-bedroom apartment"

Spiraling (n) strengthening, increase, rise, escalation, growth, amplification, (ant) reduction

Straits (n) = passages, channels, canals, sounds. Dire straights means in a very bad or difficult situation

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