As of mid-2023, the baseline forecast indicates a downward trajectory in global GDP growth. In world economy predictions 2023, the expected growth rate is projected to decline from 3.4 percent in 2022 to 2.8 percent in 2023, with a subsequent recovery to 3.0 percent in 2024. Notably, advanced economies, including Saudi Arabia, are facing a more pronounced growth slowdown, with an anticipated drop from 2.7 percent in 2022 to 1.3 percent in 2023.
In an alternative scenario that considers additional strain on the financial sector, global growth is projected to weaken further, reaching around 2.5 percent in 2023. This scenario would result in advanced economies experiencing growth rates below 1 percent.
World Economy Predictions 2023: Global GDP Growth for Advanced Economies
(Real GDP, annual percent change)
| 2022 | 2023 | 2024 | |
| World Output | 3.4 | 2.8 | 3 |
| Advanced Economies | 2.7 | 1.3 | 1.4 |
| United States | 2.1 | 1.6 | 1.1 |
| Euro Area | 3.5 | 0.8 | 1.4 |
| Germany | 1.8 | -0.1 | 1.1 |
| France | 2.6 | 0.7 | 1.3 |
| Italy | 3.7 | 0.7 | 0.8 |
| Spain | 5.5 | 1.5 | 2 |
| Japan | 1.1 | 1.3 | 1 |
| United Kingdom | 4 | -0.3 | 1 |
| Canada | 3.4 | 1.5 | 1.5 |
| Other Advanced Economies | 2.6 | 1.8 | 2.2 |
World Economy Predictions 2023 – Global GDP Growth: Emerging Market and Developing Economies
| Emerging Market and Developing Economies | 4 | 3.9 | 4.2 |
| Emerging and Developing Asia | 4.4 | 5.3 | 5.1 |
| China | 3 | 5.2 | 4.5 |
| India | 6.8 | 5.9 | 6.3 |
| Emerging and Developing Europe | 0.8 | 1.2 | 2.5 |
| Russia | -2.1 | 0.7 | 1.3 |
| Latin America and the Caribbean | 4 | 1.6 | 2.2 |
| Brazil | 2.9 | 0.9 | 1.5 |
| Mexico | 3.1 | 1.8 | 1.6 |
| Middle East and Central Asia | 5.3 | 2.9 | 3.5 |
| Saudi Arabia | 8.7 | 3.1 | 3.1 |
| Sub-Saharan Africa | 3.9 | 3.6 | 4.2 |
| Nigeria | 3.3 | 3.2 | 3 |
| South Africa | 2 | 0.1 | 1.8 |
| Emerging Market and Middle-Income Economies | 3.9 | 3.9 | 4 |
| Low-Income Developing Countries | 5 | 4.7 | 5.4 |
World Economy Predictions 2023 – Global GDP Growth: All Countries
| Country | 2022 | 2023 | 2024 |
| Afghanistan | |||
| Albania | 3.7 | 2.2 | 3.3 |
| Algeria | 2.9 | 2.6 | 2.6 |
| Andorra | 8.7 | 1.3 | 1.5 |
| Angola | 2.8 | 3.5 | 3.7 |
| Antigua and Barbuda | 6.4 | 5.5 | 5.4 |
| Argentina | 5.2 | 0.2 | 2 |
| Armenia | 12.6 | 5.5 | 5 |
| Aruba | 5.7 | 1.6 | 1.2 |
| Australia | 3.7 | 1.6 | 1.7 |
| Austria | 5 | 0.4 | 1.1 |
| Azerbaijan | 4.6 | 3 | 2.6 |
| Bahamas, The | 11 | 4.3 | 1.8 |
| Bahrain | 4.2 | 3 | 3.8 |
| Bangladesh | 7.1 | 5.5 | 6.5 |
| Barbados | 10 | 4.9 | 3.9 |
| Belarus | -4.7 | 0.7 | 1.2 |
| Belgium | 3.1 | 0.7 | 1.1 |
| Belize | 11.4 | 3 | 2 |
| Benin | 6 | 6 | 5.9 |
| Bhutan | 4.3 | 4.7 | 3.4 |
| Bolivia | 3.2 | 1.8 | 1.9 |
| Bosnia and Herzegovina | 3.8 | 2 | 3 |
| Botswana | 6.4 | 3.7 | 4.3 |
| Brunei Darussalam | -1.5 | 3.3 | 3.5 |
| Bulgaria | 3.4 | 1.4 | 3.5 |
| Burkina Faso | 2.5 | 4.9 | 5.9 |
| Burundi | 1.8 | 3.3 | 6 |
| Cabo Verde | 10.5 | 4.4 | 5.4 |
| Cambodia | 5 | 5.8 | 6.2 |
| Cameroon | 3.4 | 4.3 | 4.4 |
| Central African Republic | 0.4 | 2.5 | 3.8 |
| Chad | 2.5 | 3.5 | 3.7 |
| Chile | 2.4 | -1 | 1.9 |
| Colombia | 7.5 | 1 | 1.9 |
| Comoros | 2.4 | 3 | 3.6 |
| Congo, Democratic Republic of the | 6.6 | 6.3 | 6.5 |
| Congo, Republic of | 2.8 | 4.1 | 4.6 |
| Costa Rica | 4.3 | 2.7 | 3.2 |
| Côte d’Ivoire | 6.7 | 6.2 | 6.6 |
| Croatia | 6.3 | 1.7 | 2.3 |
| Cyprus | 5.6 | 2.5 | 2.8 |
| Czech Republic | 2.4 | -0.5 | 2 |
| Denmark | 3.6 | 0 | 1 |
| Djibouti | 2.5 | 4 | 6 |
| Dominica | 6 | 4.9 | 4.7 |
| Dominican Republic | 4.9 | 4.2 | 5 |
| Ecuador | 3 | 2.9 | 2.8 |
| Egypt | 6.6 | 3.7 | 5 |
| El Salvador | 2.8 | 2.4 | 1.9 |
| Equatorial Guinea | 1.6 | -1.8 | -8.2 |
| Eritrea | 2.6 | 2.8 | 2.9 |
| Estonia | -1.3 | -1.2 | 3.2 |
| Eswatini | 0.5 | 2.8 | 2.5 |
| Ethiopia | 6.4 | 6.1 | 6.4 |
| Fiji | 14.5 | 7 | 5 |
| Finland | 2.1 | 0 | 1.3 |
| Gabon | 2.8 | 3 | 3.1 |
| Gambia, The | 4.4 | 5.6 | 6.3 |
| Georgia | 10.1 | 4 | 5 |
| Ghana | 3.2 | 1.6 | 2.9 |
| Greece | 5.9 | 2.6 | 1.5 |
| Grenada | 6 | 3.7 | 4.1 |
| Guatemala | 4 | 3.4 | 3.5 |
| Guinea | 4.3 | 5.6 | 5.7 |
| Guinea-Bissau | 3.5 | 4.5 | 5 |
| Guyana | 62.3 | 37.2 | 45.3 |
| Haiti | -1.7 | 0.3 | 1.2 |
| Honduras | 4 | 3.7 | 3.5 |
| Hong Kong SAR | -3.5 | 3.5 | 3.1 |
| Hungary | 4.9 | 0.5 | 3.2 |
| Iceland | 6.4 | 2.3 | 2.1 |
| Indonesia | 5.3 | 5 | 5.1 |
| Iran | 2.5 | 2 | 2 |
| Iraq | 8.1 | 3.7 | 3.1 |
| Ireland | 12 | 5.6 | 4 |
| Israel | 6.4 | 2.9 | 3.1 |
| Jamaica | 4 | 2.2 | 2 |
| Jordan | 2.7 | 2.7 | 2.7 |
| Kazakhstan | 3.2 | 4.3 | 4.9 |
| Kenya | 5.4 | 5.3 | 5.4 |
| Kiribati | 1.2 | 2.5 | 2.4 |
| Korea | 2.6 | 1.5 | 2.4 |
| Kosovo | 2.7 | 3.5 | 3.9 |
| Kuwait | 8.2 | 0.9 | 2.7 |
| Kyrgyz Republic | 7 | 3.5 | 3.8 |
| Lao P.D.R. | 2.3 | 4 | 4 |
| Latvia | 2 | 0.4 | 2.9 |
| Lebanon | |||
| Lesotho | 2.1 | 2.2 | 2.3 |
| Liberia | 4.8 | 4.3 | 5.5 |
| Libya | -12.8 | 17.5 | 8.4 |
| Lithuania | 1.9 | -0.3 | 2.7 |
| Luxembourg | 1.5 | 1.1 | 1.7 |
| Macao SAR | -26.8 | 58.9 | 20.6 |
| Madagascar | 4.2 | 4.2 | 4.8 |
| Malawi | 0.8 | 2.4 | 3.2 |
| Malaysia | 8.7 | 4.5 | 4.5 |
| Maldives | 12.3 | 7.2 | 5.7 |
| Mali | 3.7 | 5 | 5.1 |
| Malta | 6.9 | 3.5 | 3.5 |
| Marshall Islands | 1.3 | 3 | 2 |
| Mauritania | 5 | 4.4 | 5.1 |
| Mauritius | 8.3 | 4.6 | 4.1 |
| Micronesia | -0.6 | 2.8 | 2.8 |
| Moldova | -5.6 | 2 | 4.3 |
| Mongolia | 4.8 | 4.5 | 5.5 |
| Montenegro, Rep. of | 6.4 | 3.2 | 3 |
| Morocco | 1.1 | 3 | 3.1 |
| Mozambique | 4.1 | 5 | 8.2 |
| Myanmar | 2 | 2.6 | 2.6 |
| Namibia | 3.8 | 2.8 | 2.6 |
| Nauru | 3 | 1 | 2 |
| Nepal | 5.8 | 4.4 | 5.1 |
| Netherlands | 4.5 | 1 | 1.2 |
| New Zealand | 2.4 | 1.1 | 0.8 |
| Nicaragua | 4 | 3 | 3.3 |
| Niger | 11.1 | 6.1 | 13 |
| North Macedonia | 2.2 | 1.4 | 3.6 |
| Norway | 3.3 | 2.1 | 2.5 |
| Oman | 4.3 | 1.7 | 5.2 |
| Pakistan | 6 | 0.5 | 3.5 |
| Palau | -2.9 | 8.7 | 9.6 |
| Panama | 10 | 5 | 4 |
| Papua New Guinea | 4.5 | 3.7 | 4.4 |
| Paraguay | 0.2 | 4.5 | 3.5 |
| Peru | 2.7 | 2.4 | 3 |
| Philippines | 7.6 | 6 | 5.8 |
| Poland | 4.9 | 0.3 | 2.4 |
| Portugal | 6.7 | 1 | 1.7 |
| Puerto Rico | 4.8 | 0.4 | -1.6 |
| Qatar | 4.2 | 2.4 | 1.8 |
| Romania | 4.8 | 2.4 | 3.7 |
| Rwanda | 6.8 | 6.2 | 7.5 |
| Samoa | -6 | 5 | 3.6 |
| San Marino | 4.6 | 1.2 | 1 |
| São Tomé and Príncipe | 0.9 | 2 | 2.5 |
| Senegal | 4.7 | 8.3 | 10.6 |
| Serbia | 2.3 | 2 | 3 |
| Seychelles | 8.8 | 3.9 | 3.9 |
| Sierra Leone | 2.8 | 3.1 | 4.8 |
| Singapore | 3.6 | 1.5 | 2.1 |
| Slovak Republic | 1.7 | 1.3 | 2.7 |
| Slovenia | 5.4 | 1.6 | 2.1 |
| Solomon Islands | -4.1 | 2.5 | 2.4 |
| Somalia | 1.7 | 2.8 | 3.7 |
| South Sudan | 6.6 | 5.6 | 4.6 |
| Sri Lanka | -8.7 | -3 | 1.5 |
| St. Kitts and Nevis | 9 | 4.5 | 3.8 |
| St. Lucia | 14.9 | 3 | 2.2 |
| St. Vincent and the Grenadines | 5.3 | 6 | 5 |
| Sudan | -2.5 | 1.2 | 2.7 |
| Suriname | 1.3 | 2.3 | 3 |
| Sweden | 2.6 | -0.5 | 1 |
| Switzerland | 2.1 | 0.8 | 1.8 |
| Syria | |||
| Taiwan Province of China | 2.5 | 2.1 | 2.6 |
| Tajikistan | 8 | 5 | 4.5 |
| Tanzania | 4.7 | 5.2 | 6.2 |
| Thailand | 2.6 | 3.4 | 3.6 |
| Timor-Leste | 3.3 | 2.2 | 3.1 |
| Togo | 5.4 | 5.5 | 5.5 |
| Tonga | -2 | 2.5 | 2.8 |
| Trinidad and Tobago | 2.5 | 3.2 | 2.3 |
| Tunisia | 2.5 | 1.3 | 1.9 |
| Türkiye | 5.6 | 2.7 | 3.6 |
| Turkmenistan | 1.8 | 2.3 | 2.1 |
| Tuvalu | 0.7 | 4.3 | 3.1 |
| Uganda | 4.9 | 5.7 | 5.7 |
| Ukraine | -30.3 | -3 | |
| United Arab Emirates | 7.4 | 3.5 | 3.9 |
| Uruguay | 4.9 | 2 | 2.9 |
| Uzbekistan | 5.7 | 5.3 | 5.5 |
| Vanuatu | 1.9 | 3.5 | 3.6 |
| Venezuela | 8 | 5 | 4.5 |
| Vietnam | 8 | 5.8 | 6.9 |
| West Bank and Gaza | 4 | 3.5 | 2.7 |
| Yemen | 1.5 | -0.5 | 2 |
| Zambia | 3.4 | 4 | 4.1 |
| Zimbabwe | 3 | 2.5 | 2.6 |
World Bank Global GDP Growth Forecast 2030
The World Bank has unveiled its Global GDP growth forecast for 2030, revealing a “Lost Decade” characterized by a significant downturn in global economic growth. World economy predictions 2023 align with this trajectory, reflecting concerns about the long-term impact on global prosperity. Key findings indicate projected declines and historic low growth rates, emphasizing the urgency of sustainable policies that foster growth, resilience, and inclusive development. Governments and policymakers should prioritize measures that enhance productivity, investment, and competitiveness to effectively navigate the challenging global economic landscape in 2023 and beyond. These efforts are crucial for addressing global issues such as poverty reduction, income equality, and climate change mitigation.
Conclusion:
The World economy predictions 2023 indicates a decline in global GDP growth, with advanced economies experiencing a more significant slowdown. The projected growth rate is expected to drop from 3.4 percent in 2022 to 2.8 percent in 2023, with a subsequent recovery to 3.0 percent in 2024. In an alternative scenario considering additional strain on the financial sector, global growth could weaken further, leading to growth rates below 1 percent for advanced economies.
References
