The IMF’s World Economic Outlook released last week forecasts that global economic growth will slow from 3.2 per cent this year to 2.7 per cent next year. The 2022 projection was unchanged from the last estimate, in July, but next year’s was cut by 0.2 percentage point.
The global deceleration will be broad-based, and the 2023 projection is less than half of last year’s 6 per cent expansion. Countries accounting for about a third of the global economy are estimated to have a two-quarter contraction in real gross domestic product this year or next.
The outlook is also fraught with uncertainty. We estimate there is a one-in-four probability global growth will fall below 2 per cent next year and that there is a likelihood of 10 per cent to 15 per cent that it will drop below 1 per cent.
- Editor’s Note: Follow the link below to read the infographics in the original article: https://www.imf.org/en/Blogs/Articles/2022/10/19/latest-global-growth-forecasts-show-challenges-facing-economies
