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)

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

 

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.