Global Economy Is Expected to Slow Sharply in 2023
0657 GMT – Global GDP is expected to grow 1.7% in 2023 as aggressive monetary policy tightening and reduced consumer purchasing power weigh on activity, economists at Wells Fargo say. The probability of a recession is increasing in many major economies, particularly in the U.S., and contagion effects will result in economic contractions across the G10 economies and emerging markets, they say. “As hawkish as most central banks have been this year, we now believe some central banks could look to unwind tighter monetary policy in the second half of 2023,” Wells Fargo says. A recession in the U.S. and the U.K. should result in the Federal Reserve and the Bank of England lowering interest rates, the economists say. (xavier.fontdegloria@wsj.com)
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