Global Economic Outlook 2023: Global Recession Fears Resurface, Risks Mount

The global economy continues to be buffeted by multiple shocks, and business should prepare for continued volatility in the years ahead. A prolonged period of disruptions and uncertainties notwithstanding, there is still opportunity. Regarding the short-run outlook, the global economy is weakening rapidly, with the US and Europe forecast to experience recessions in the very near term and China to suffer significantly weaker growth in 2023. A global recession may be avoided, but the world will probably experience notably below-trend growth of 2.1 percent in 2023.