The year 2022 saw the emergence of another black swan event, i.e. the Ukraine – Russia geopolitical situation. Two back-to-back black swan events truly summarises that we indeed are living in a VUCA (Volatile, Uncertain, Complex, Ambiguous) world, said Ravi Valecha, CEO of India Factoring and Finance Solutions Pvt. Ltd., in his article included in the most recent edition of the World Factoring Yearbook.
The impact of the above was observed throughout the year, led primarily by slowing economies across the world on the back of rising inflationary trends and drastic reduction in consumption.
India on the other hand had a rock-solid domestic economy with excellent GDP growth of about seven per cent in 2022 and is now expecting growth for 2023 of about 5.5 per cent to 6.3 per cent.
