World Economy Predictions 2023: Global GDP Growth

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world economy predictions 2023
Growth projections by region, source: imf.org

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)

202220232024
World Output3.42.83
Advanced Economies2.71.31.4
United States2.11.61.1
Euro Area3.50.81.4
Germany1.8-0.11.1
France2.60.71.3
Italy3.70.70.8
Spain5.51.52
Japan1.11.31
United Kingdom4-0.31
Canada3.41.51.5
Other Advanced Economies2.61.82.2

 

World Economy Predictions 2023 – Global GDP Growth: Emerging Market and Developing Economies

 

Emerging Market and Developing Economies43.94.2
Emerging and Developing Asia4.45.35.1
China35.24.5
India6.85.96.3
Emerging and Developing Europe0.81.22.5
Russia-2.10.71.3
Latin America and the Caribbean41.62.2
Brazil2.90.91.5
Mexico3.11.81.6
Middle East and Central Asia5.32.93.5
Saudi Arabia8.73.13.1
Sub-Saharan Africa3.93.64.2
Nigeria3.33.23
South Africa20.11.8
Emerging Market and Middle-Income Economies3.93.94
Low-Income Developing Countries54.75.4

 

World Economy Predictions 2023 – Global GDP Growth: All Countries

Country202220232024
Afghanistan
Albania3.72.23.3
Algeria2.92.62.6
Andorra8.71.31.5
Angola2.83.53.7
Antigua and Barbuda6.45.55.4
Argentina5.20.22
Armenia12.65.55
Aruba5.71.61.2
Australia3.71.61.7
Austria50.41.1
Azerbaijan4.632.6
Bahamas, The114.31.8
Bahrain4.233.8
Bangladesh7.15.56.5
Barbados104.93.9
Belarus-4.70.71.2
Belgium3.10.71.1
Belize11.432
Benin665.9
Bhutan4.34.73.4
Bolivia3.21.81.9
Bosnia and Herzegovina3.823
Botswana6.43.74.3
Brunei Darussalam-1.53.33.5
Bulgaria3.41.43.5
Burkina Faso2.54.95.9
Burundi1.83.36
Cabo Verde10.54.45.4
Cambodia55.86.2
Cameroon3.44.34.4
Central African Republic0.42.53.8
Chad2.53.53.7
Chile2.4-11.9
Colombia7.511.9
Comoros2.433.6
Congo, Democratic Republic of the6.66.36.5
Congo, Republic of2.84.14.6
Costa Rica4.32.73.2
Côte d’Ivoire6.76.26.6
Croatia6.31.72.3
Cyprus5.62.52.8
Czech Republic2.4-0.52
Denmark3.601
Djibouti2.546
Dominica64.94.7
Dominican Republic4.94.25
Ecuador32.92.8
Egypt6.63.75
El Salvador2.82.41.9
Equatorial Guinea1.6-1.8-8.2
Eritrea2.62.82.9
Estonia-1.3-1.23.2
Eswatini0.52.82.5
Ethiopia6.46.16.4
Fiji14.575
Finland2.101.3
Gabon2.833.1
Gambia, The4.45.66.3
Georgia10.145
Ghana3.21.62.9
Greece5.92.61.5
Grenada63.74.1
Guatemala43.43.5
Guinea4.35.65.7
Guinea-Bissau3.54.55
Guyana62.337.245.3
Haiti-1.70.31.2
Honduras43.73.5
Hong Kong SAR-3.53.53.1
Hungary4.90.53.2
Iceland6.42.32.1
Indonesia5.355.1
Iran2.522
Iraq8.13.73.1
Ireland125.64
Israel6.42.93.1
Jamaica42.22
Jordan2.72.72.7
Kazakhstan3.24.34.9
Kenya5.45.35.4
Kiribati1.22.52.4
Korea2.61.52.4
Kosovo2.73.53.9
Kuwait8.20.92.7
Kyrgyz Republic73.53.8
Lao P.D.R.2.344
Latvia20.42.9
Lebanon
Lesotho2.12.22.3
Liberia4.84.35.5
Libya-12.817.58.4
Lithuania1.9-0.32.7
Luxembourg1.51.11.7
Macao SAR-26.858.920.6
Madagascar4.24.24.8
Malawi0.82.43.2
Malaysia8.74.54.5
Maldives12.37.25.7
Mali3.755.1
Malta6.93.53.5
Marshall Islands1.332
Mauritania54.45.1
Mauritius8.34.64.1
Micronesia-0.62.82.8
Moldova-5.624.3
Mongolia4.84.55.5
Montenegro, Rep. of6.43.23
Morocco1.133.1
Mozambique4.158.2
Myanmar22.62.6
Namibia3.82.82.6
Nauru312
Nepal5.84.45.1
Netherlands4.511.2
New Zealand2.41.10.8
Nicaragua433.3
Niger11.16.113
North Macedonia2.21.43.6
Norway3.32.12.5
Oman4.31.75.2
Pakistan60.53.5
Palau-2.98.79.6
Panama1054
Papua New Guinea4.53.74.4
Paraguay0.24.53.5
Peru2.72.43
Philippines7.665.8
Poland4.90.32.4
Portugal6.711.7
Puerto Rico4.80.4-1.6
Qatar4.22.41.8
Romania4.82.43.7
Rwanda6.86.27.5
Samoa-653.6
San Marino4.61.21
São Tomé and Príncipe0.922.5
Senegal4.78.310.6
Serbia2.323
Seychelles8.83.93.9
Sierra Leone2.83.14.8
Singapore3.61.52.1
Slovak Republic1.71.32.7
Slovenia5.41.62.1
Solomon Islands-4.12.52.4
Somalia1.72.83.7
South Sudan6.65.64.6
Sri Lanka-8.7-31.5
St. Kitts and Nevis94.53.8
St. Lucia14.932.2
St. Vincent and the Grenadines5.365
Sudan-2.51.22.7
Suriname1.32.33
Sweden2.6-0.51
Switzerland2.10.81.8
Syria
Taiwan Province of China2.52.12.6
Tajikistan854.5
Tanzania4.75.26.2
Thailand2.63.43.6
Timor-Leste3.32.23.1
Togo5.45.55.5
Tonga-22.52.8
Trinidad and Tobago2.53.22.3
Tunisia2.51.31.9
Türkiye5.62.73.6
Turkmenistan1.82.32.1
Tuvalu0.74.33.1
Uganda4.95.75.7
Ukraine-30.3-3
United Arab Emirates7.43.53.9
Uruguay4.922.9
Uzbekistan5.75.35.5
Vanuatu1.93.53.6
Venezuela854.5
Vietnam85.86.9
West Bank and Gaza43.52.7
Yemen1.5-0.52
Zambia3.444.1
Zimbabwe32.52.6

 

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

 

https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook-april-2023#:~:text=The%20baseline%20forecast%20is%20for,to%201.3%20percent%20in%202023.

 

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Natalie Hadid is a seasoned economist and a proficient writer, dedicated to elucidating the intricacies of the economic world to her audience. With a Master's Degree in Economics from Harvard University, Natalie has spent over a decade investigating global economic trends, finance, and business strategy, and is well-known for her insightful analysis and clear, accessible writing style.Prior to becoming a full-time economics blogger, Natalie worked as an Economic Analyst for the International Monetary Fund (IMF), where she provided key insights and proposed policy recommendations for emerging economies. Her substantial experience in the field allows her to delve into complex economic scenarios and emerge with comprehensible narratives that appeal to both economic scholars and laypeople alike.Natalie has an inherent knack for demystifying complicated economic theories, turning them into engaging stories and practical advice for her readers. She fervently believes that everyone should have the ability to understand and navigate the financial landscapes that shape our world, and she has devoted her career to making this a reality.When she's not submerged in her latest economic research or blog post, Natalie enjoys hiking, playing the piano, and exploring the local food scene. She values dialogue and engagement, so don't hesitate to leave a comment or a question under her articles—she's always eager to stimulate discussion and learning.Join Natalie as she unravels the world of economics on our blog, simplifying the complex and highlighting the relevance of economics in everyday life.