December is usually when individuals and businesses look to the new year with optimism. But these are not usual times. The global economy is still reeling from the impact of the pandemic, and the economic outlook is gloomy, to say the least. In October, the International Monetary Fund (IMF) downgraded its forecast to 2.7 percent global growth in 2023, citing ‘volatile conditions’ and the fallout caused by the cost-of-living crisis, Russia’s invasion of Ukraine and China’s slowdown. If that wasn’t bad enough, they have warned that ‘the worst is yet to come’.

Established in 1975, the Gibro Group and its associated businesses have experienced global financial downturns. They have advised clients on robust, multijurisdictional strategies that protect wealth and provide peace of mind. Here is the Gibro Group’s Guide to navigating the New Year.

Turn to your accountant

Accountants are often turned to in times of financial uncertainty. They are in a position to assist companies and individuals by ensuring financial information is accurate and providing the financial data to make informed decisions. They can act as that all-important third party to liaise with authorities. Claire Rawson F.C.C.A and Christian Pilcher F.C.C.A. are Co-Directors at Numerica Accounting Services. Speaking of its services, Claire says; “Our accountants are available to advise and assist on matters such as complex loan facilities applications, preparation of accounts and providing both technical expertise and financial support”.

Numerica is an independent accounting firm that is associated with the Gibro Group.

Be ready to Innovate and manage risk

According to research carried out by global advisory and accounting network HLB, uncertainty caused by the Covid pandemic has given business leaders the confidence to innovate. Writing in HLB’s Global Survey of Business Leaders 2022, its global CEO Marco Donzelli predicted more innovation, “What we found is that business leaders are expressing higher levels of confidence in their ability to innovate as compared to the pre-pandemic levels, which also spills into their ability to grow in the next 12 months, even in the wake of persisting economic uncertainty. This year, the global risk radar for leaders has also shifted from addressing the direct implications of the pandemic to improving access to talent and addressing macro-issues such as rising inflation rates, regulatory changes, and climate risks.” The Gibro Group is a member of HLB International, a global network of accountancy and advisory firms.