Counterpoint Macro Index – March 2023


Counterpoint’s Macro Index rose to over 77 in March 2023, from 76.25 in February, despite ongoing challenges to the global economy and politics.

Over the course of Q1 2023, the Index shifted sideways within a thin range. However, the underlying factors moved substantially: consumer and business sentiment rebounded globally, tech sentiment retreated a little, but politics and policy-related factors deteriorated sharply. This is the first QoQ rise in the Index in over a year, though conditions are still uncertain and remain decisively in negative territory.

Significant progress has been made towards reining in inflation in the developed world, but the corporate outlook fell considerably due to turmoil in the financial markets. Global politics remain the primary drag on the index as War in Ukraine drags on and US-China tech war escalates.

Macro conditions are worse than what was initially forecast in our Q4 2022 update. As a result, the V-shaped rebound is gradually turning into an L-shaped grind.

Table of Contents:

1. Counterpoint Macro Index, March 2023

2. Q1 2023 Summary

3. Key Movers

4. Risk-Impact Map

4. Scenario Analysis

5. US Update

6. China Update

7. Europe Update

8. Consumer Sentiment

9. General Business Sentiment

10. Tech Business Sentiment

11. Policy, Market and Global Environment

Number of Pages: 35

Publication Date: April 2023



Log in to check if this content is included in your content subscription


Senior Analyst

Term of Use and Privacy Policy

Counterpoint Technology Market Research Limited


In order to access Counterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal Information When you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time. In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information: While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links: This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.