The outlook for the global economy headed into 2023 has soured, according to a number of recent analyses, as the ongoing war in Ukraine continues to strain trade, particularly in Europe, and as markets await a fuller reopening of the Chinese economy following months of disruptive COVID-19 lockdowns.
In the United States, signs of a tightening job market and a slowdown in business activity fueled fears of a recession. Globally, inflation grew and business activity, especially in the eurozone and the United Kingdom, continued to shrink.
In an analysis released Thursday, the Institute of International Finance predicted a global economic growth rate of just 1.2% in 2023, a level on par with 2009, when the world was only beginning its emergence from the financial crisis.
The Organization for Economic Cooperation and Development (OECD) agrees with the pessimistic forecast. In a report issued this week, the organization’s interim Chief…
