IMF lowers 2023 global growth forecast once again

• IMF chief economist says 'worst is yet to come for many' and 2023 'will fell like a recession'
• Sees 2022 growth at 3.2% vs 3.2% in July
• Sees 2023 growth at 2.7% vs 2.9% in July

Countries:

• China 2023 GDP 4.4% vs 4.6% in July
• Eurozone 2022 GDP 3.1% vs 2.6% in July; 2023 0.5% vs 1.2% in July
• US GDP seen at 1.6% vs 2.3% in July; 2023 GDP at 1.0% vs 1.0% in July
• Japan 2022 unchanged; 2023 1.6% vs 1.7% prior
• India 2022 6.8% vs 7.4% prior. 2023 unchanged at 6.1%

In July, the IMF also downgraded forecasts and earlier this month, Giorgieva said that much of the global economy was set for a recession. The big differences in this report are much lower estimates for the eurozone with Germany and Italy now seen contracting in 2023.

In this forecast the IMF outlined a 1% global contraction in a downside scenario that includes a 30% oil price jump, Chinese property disruptions and severe tightening due to inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term.