Downgraded Global GDP Forecast, But No Recession Expected
After expanding by 5.9 percent in 2021,
The Conference Board expects global economic growth to slow to 2.9 percent this
year, representing a downgrade of 1.0 percentage point from the February global
economic outlook. Even as the war in Ukraine continues, it is unlikely the
global economy will fall into recession this year or next. Nonetheless, the war
is expected to weigh on growth, causing recessions in Ukraine, Russia, and
potentially other regions.
Growth for 2023 is also lowered slightly to 1.9 percent. Emerging
economies’ aggregate growth is downgraded to 3.2 percent for 2022 and to 2.8
for 2023, reflecting downwardly adjusted forecasts for China and many other
emerging economies including Russia, Turkey, and economies in Africa.
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