New York City is a significant tourist destination recognized for famous sites such as the Statue of Liberty, the Empire State Building, Broadway, and world-renowned institutions such as the Metropolitan Museum of Art. It also serves as the headquarters of the United Nations. With its facilities, infrastructure, and reputation, New York City is an ideal location for holding major events such as the G20 Summit. The nation's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity.
Since October, the financial situation in the US has improved, and recent real statistics, including a solid increase in payroll employment in November, point to a postponement of the start of the recession until late 2022 or early 2023. This quarter, we anticipate a 0.9% annualised GDP increase, driven by stronger consumer spending and inventory investment as supply chains continue to improve. But a recession for the following year is very likely. By hiking interest rates and encouraging a considerable tightening of financial conditions, the Federal Reserve is dedicated to limiting demand and keeping inflation at 2%. Early in 2019, there will be a brief recession, which will be followed by a recovery in the second half of 2023. The United States' annual GDP growth is expected to be 0.3%.
Welcome to the Global Tech Summit 2023! We are thrilled to be hosting this premier event in the heart of New York City on July 24-25, 2023.
Our summit is a gathering of industry leaders, innovators, and experts from around the world to discuss the latest developments, trends, and challenges in the tech industry. The summit offers an excellent opportunity to learn from the best in the field, network with peers, and explore the latest products and services in the tech industry. Our program features keynote speakers, panel discussions, workshops, and masterclasses on a wide range of topics, including emerging technologies, cybersecurity, artificial intelligence, blockchain, and more.
We have handpicked our speakers from the top tech companies, venture capital firms, and academia to provide our attendees with unparalleled insights and expertise. At the Global Tech Summit 2023, we believe that diversity and inclusion are essential to driving innovation and progress in the tech industry. We have made it our mission to create a welcoming and inclusive environment that fosters collaboration and creativity.