- 2023 GDP lowered to 3.6% from 3.8%
- Warns that rising food and fuel prices could 'significantly increase' risk of unrest
- Downgrade reflects war's direct impact on Russia, global spillovers and elevated inflation 'for much longer'
- Global GDP seen moderating to about 3.3% over the medium term
- Inflation projected at 5.7% in advanced economies, 1.8 pp higher than January forecast
- Warns that worsening supply-demand imbalances could lead to persistent high inflation and slow growth
- Lowers 2022 US GDP to 3.7% from 4.0%
- Lowers 2023 US GDP to 2.3% from 2.6%
- Latest covid lockdowns in China could cause bottlenecks
- Lowers eurozone growth to 2.8% from 3.9% in 2022
- Lowers eurozone GDP to 2.3% from 2.5% in 2023
- Sees China GDP at 4.4% vs 4.8% this year
- Lowers UK GDP to 3.7% from 4.7% in 2022
- Lowers UK GDP to 1.2% from 2.3% in 2023
All countries except one group saw their outlooks revised lower: commodity exporters.That's a good reminder of the state-of-play in markets.
The table highlights just how hard eurozone growth has been marked down. With that, it's no surprise seeing EUR/USD through 1.08.