Forecast for the global economy from the IMF for 2023
The International Monetary Fund (IMF) has published an economic forecast for the global economy for 2023. GDP growth in the world’s largest economies may slow down.
Experts from the IMF noted that 2022 proved that forecasts should not be trusted, since reality can turn out to be unpredictable. 2022 has been a busy year in terms of events. Even at the beginning of 2022, experts assessed the growth prospects of the global economy more highly. However, the situation worsened after the Russian invasion of Ukraine. The conflict in Ukraine, the rapid rise in inflation, rising energy and food prices – all these factors held back economic growth, distorting forecasts from the International Monetary Fund.
Economic forecast from the IMF for 2023
Experts expect that most countries in the world will experience moderate real GDP growth in 2023, adjusted for inflation.
The European economy can show growth within 2% by the end of 2023. Ireland (+4%) and Croatia (+3.5%) may become European leaders in terms of GDP growth. Recall that Croatia recently joined the Schengen area and switched to the euro currency from January 1, 2023.
GDP growth of the world’s two largest economies will slow down in 2023. According to forecasts, in the US, economic growth could reach +1%, and in China +4.4%.
In Turkey, economic growth will also slow to +3%.
Russia (-2.3%), Germany (-0.3%) and Italy (-0.2%) may show negative dynamics.