Insight
Global economic outlook Q1 2023: turning point approaching
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The outlook for the global economy is improving. We don’t anticipate a synchronised global recession this year. But we do expect the economic slowdown to continue for several months before reaching a turning point in the second half of 2023. Opposing forces are at play in the global economy. China is accelerating while the US is slowing and Europe is entering a recession. We forecast global gross domestic product growth to slow to 2.2% in 2023 from 3% last year, before rebounding by 3.2% next year.
Table of contents
- Executive summary
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Turning point approaching
- (Re)enter the dragon
- India alluring
- Europe on the brink
- US: jobs, jobs and more jobs
- Long-term economic outlook
- Passing the baton
- Risks are relatively balanced
Tables and charts
This report includes the following images and tables:
- Global GDP growth
- China savings
- China's highway mobility rebounds in early 2023
- India public investment
- Europe inflation has peaked
- German industry is resilient
- US inflationary periods compared
- US employment gains
- Global GDP level
- Global GDP growth
- India surpasses China as most populous nation
- Population growth rates
What's included
This report contains:
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