Global economy has shown resilience in 2022 but is expected to moderate in 2023 due to the economic impact of the rise in global interest rates to counter inflationary pressures in the past year.
The region’s construction industry is not spared, as higher wages and general inflation have increased in influence on construction cost escalations.
Tender price movements are expected to continue escalating in 2023, with some upward revisions on the back of elevated material costs and a chronic lack of skilled labour. However, regions covered in this report remain upbeat despite the challenges identified.
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