Globally, the risk of a consumer-led recession is increasing as central banks increase interest rates to control inflation. Most economists are coalescing around an expected slowdown in 2023, and a lot will depend upon monitory policy and wildcard events. IDC's recent poll of 100 CIOs globally indicated that 79% expected a recession[VG1] in their countries or in important buyer countries next year. The majority of them expect it to be a mild or moderate one and not a deep recession.