The world economy is slowing and many countries risk falling into recession in 2023. · By the end of 2023, America will be climbing out of a mild recession as inflation recedes · Sri Lanka, Pakistan and Bangladesh are all challenged as the cost of food and energy has gone up due to Russia-Ukraine ware. India is the bright spot in south Asia
· In 2022, sunny holidays and fancy restaurant eating boosted the economy. However, in 2023, higher energy bills, higher cost of transportation and fertilizers and higher mortgage payment as a result of higher interest rates will dull that. · In 2023, inflation will hurt shoppers and retailers. Online sales are 14 % of all sales today, it was 10 % on 2019, the growth rate might be flat in 2023
· Air travel will turn profitable as international travel grows by 30 % in 2023, however it will stay below pre pandemic levels as business people will meet remotely. · Global sales of new cars will grow 1 %, however EV cars will grow 25 %
Global GDP growth will be 1.6 %, however global inflation will be 6 %, forcing central banks to raise rates.
Interest rate %
Consumer Price Growth %
The super forecasters predict world GDP growth between 1.5 and 3 %, expect China to be between 3.5 and 5 %.