Economic growth expected to weaken further in 2023
In the IMFs latest forecast for the world economy published in January 2023, global growth is expected to fall from 3.4% in 2022 to 2.9% in 2023, before rising to 3.1% in 2024. Despite this decline, the 2023 forecast is 0.2% higher than previously predicted in the IMFs projections from October 2022.
The IMF expects global inflation to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024. This decline, however, still sees global inflation stay above pre-pandemic levels.
Slowdown expected in most regions
All regions, except for the Middle East and Central Asia, are expected to see slower growth in 2023 than in 2022, according to the IMF forecasts. In Emerging and developing Asia, economic growth is expected to pick-up and remain high in 2023 and 2024.
In contrast, growth in the United States is expected to fall steeply from 5.9% in 2021 to 2% in 2022 and remain low in 2023 and 2024. In the Euro Area, the decline from 2021 to 2022 will be less steep, but growth is expected to fall to just 0.7% in 2023, before increasing to 1.6% in 2024.
India, Indonesia and China with the strongest growth forecasts
Out of the major economies, India is expected to have the strongest growth profile, followed by Indonesia and China according to the IMF estimates and projections for 2023-2024.
Regional projection tables
Note that these tables contain data from the IMF World Economic Outlook October 2022, as opposed to the above sections containing data from the January 2023 update. In the January update, projections are only made for selected economies, whereas the October edition has detailed country projections for all world regions.
About the data
The data and projections presented on this page are from October 2022 and January 2023 editions of the IMF World Economic Outlook. All the data used is freely available to download from the IMF.
Note that there are several institutions that make projections for the global economy, including the World Bank, the UN, the OECD and more. We use the IMFs projections for this data tracker as it is one of the most comprehensive in terms of the number of indicators and countries included in the pojections.
Changelog
- First release 2 November 2022
- Updated with data from the World Economic Outlook January 2023