World Outlook 2023: The Looming Recession
- Economies and markets continue to be buffeted by a range of developments, including Russia’s invasion of Ukraine, China’s zero Covid strategy, and the growing superpower rivalry between the US and China.
- But as 2023 nears, there is a growing consensus that it is shaping up will be the third-worst year for global growth so far in the 21st century, behind only the pandemic year in 2020 and the aftermath of the financial crisis in 2009.
- What is the US outlook in 2023? The most likely trajectory for the US economy is for a recession to occur in the second half of 2023.
- What is the European outlook and what will essentially define 2023? High inflation and aggressive central bank tightening are central issues, but is there more to the outlook in Europe?