This quarterly examination of the short-term economic outlook for the world’s major economies also contains an in-depth analysis of a number of issues that are relevant for understanding world economic trends and developments.
Document Highlights
We have sharply downgraded our outlook for world GDP growth. We now forecast a gain of close to 3.0 per cent this year with a similar increase anticipated in 2023.
China’s economic challenges impact the entire global economy as China is a key manufacturing hub that has, until recently, stimulated global demand.
Global inflation is expected to expand by more than 6.0 per cent this year, up from a gain of 3.5 per cent in 2021.
High inflation has forced the world’s leading central banks to withdraw monetary stimulus far faster than anticipated.
Ongoing strength in the U.S. labour market could enable that country’s economy to avoid a serious recession.
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