With the UK economy narrowly avoiding recession last quarter the most recent OPR forecast is that the UK economy will now avoid recession in 2023, although it is still predicted to contract by 0.6%. Traditionally, learning and development gets cut during an economic slowdown. Will that happen this year or is L&D in a better position than perhaps it has been in the past? In the wider employment market, unemployment figures across Europe remain at historically low levels, although there are early warning signs that the number of vacancies is slowing down, and this is something we have recorded in our own data. However, L&D is still very much a growth sector with the current slowdown coming after accelerated growth during the pandemic which is now readjusting to previous levels.
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