World Economic Outlook, April 2023: A Rocky Recovery
The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia’s invasion of Ukraine, and three years of COVID
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Volume/Issue:
Volume 2023
Issue 001
Publication date: April 2023
ISBN: 9798400224119
$50.00
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Topics covered in this book
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Economics- Macroeconomics , International - Economics , global growth , inflation , economic projection , natural interest rate , public debt , foreign direct investment , geoeconomic fragmentation
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Summary
The baseline forecast is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3.0 percent in 2024. Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023. In a plausible alternative scenario with further financial sector stress, global growth declines to about 2.5 percent in 2023 with advanced economy growth falling below 1 percent. Global headline inflation in the baseline is set to fall from 8.7 percent in 2022 to 7.0 percent in 2023 on the back of lower commodity prices but underlying (core) inflation is likely to decline more slowly. Inflation’s return to target is unlikely before 2025 in most cases.
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