The global economy continues to fight the increasing risk of sliding into recession as inflation continues to rise. According to the US Bureau of Labor Statistics, over the 12 months that ended June 2022, the Consumer Price Index for All Urban Consumers increased by 9.1 percent. This increase in the all-items index was the largest 12-month increase in 40 years – since the 12-month period ending November 1981.
Meanwhile, according to the Summary Inflation Report Consumer Price Index for September 2022 released by the Philippine Statistics Authority, headline inflation in the Philippines accelerated to 6.9 percent in September 2022, from 6.3 percent in August 2022. This is the highest recorded inflation since October 2018.
On the flip side, a study released by Global Insight, a private consulting firm hired by the Information Technology Association of America, indicates that offshore outsourcing lowered inflation, increased productivity, and was linked with lower interest rates. According to Global Insight, all these are positive indicators for the economy and will encourage job creation. They claim offshoring has had a “ripple effect in the economy.”
The global inflation due to different factors, such as the pandemic, oil price hikes, and bottlenecks in supply chains, has left businesses in a pinch. Small and mid-size enterprises (SMEs) strive to stay afloat and remain competitive in the market while reducing costs, and one of the cost-efficient solutions to this is offshoring the business processes.
Offshore Business Processing is a recognized industry leader in offshore services and business solutions globally. OBP continually outperforms its competitors by providing outstanding business process outsourcing services and delivering solutions that surpass client expectations.
If you’re looking into offshoring some of your internal business tasks, contact us to learn more about the cost-effective BPO services that we offer.