World Outlook

Slow-Motion Retreat in Inflation

Updated: November 9, 2022

The world economy will continue to grow, but the odds of a global recession have jumped markedly. The downturn in momentum for the global economy will be broad-based, with U.S. real GDP declining from a gain of 5.7 per cent last year to only 1.7 per cent this year.

Growth in the European Union (EU) will plunge from 5.3 per cent to slightly more than 2.0 per cent over the same period. China, the world’s second-largest economy, will grow less than 4.0 per cent in 2022, down from a gain of more than 8.0 per cent in 2021.

  • Overview
  • Latin America
  • Europe
  • Asia-Pacific

Previous releases

A Wing and a Prayer

Before the war in Ukraine began toward the end of February, we expected the global economy to expand this year.

Impact paper  |  20-min read
August 11, 2022

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