Charts: Global Economic Conditions and Outlook Q3 2023

Global economic growth will drop from 3.5% in 2022 to 3% in 2023 and 2024. That’s according to the International Monetary Fund’s July 2023 “World Economic Outlook” report, subtitled “Near-Term Resilience Persistent Challenges.”

The IMF updates its economic database and publication twice a year. The IMF’s forecasts use a “bottom-up” approach, starting with individual countries and then aggregating into overall global projections.

According to the IMF, the United States will experience a deceleration in growth, going from 2.1% in 2022 to 1.8% in 2023 and 1% in 2024. The euro region will drop from 3.5% growth in 2022 to 0.9% in 2023 but will likely rebound to 1.5% in 2024.

The IMF anticipates advanced economies to have a significant slowdown, from 2.7% growth in 2022 to 1.5% in 2023.

Meanwhile, emerging markets and developing economies will maintain relatively stable growth in 2023 and 2024, per the IMF.

According to the IMF, the global consumer inflation rate, including food and energy, stood at 8.7% in 2022 and will likely drop to 6.8% in 2023 and 5.2% in 2024.

Adel Boukarroum
Adel Boukarroum
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