Will Economic Growth Slow Down? What Do Economists Think?

Every year, economic growth forecasts are updated to reflect the times. Especially considering the global problems (war, pandemic), the projected growth rate for 2023 is about 0.4% lower than the average global growth rate in the decade before the Covid-19 outbreak.

Decline in Economic Growth Will Continue for a While

Economists from around the world are extremely “cautious” about their countries’ economic growth this year. Ifo and KOF announced the quarterly results of the “Survey of Economic Experts”.

According to the survey, global economic growth will slow to 2.8 percent this year. After this year’s slowdown, global growth will rise to 3.3 percent by 2020 and 3.8 percent by 2026. This year’s projected growth rate is about 0.4 percent lower than the average growth rate of the global economy in the decade before the Covid 19 pandemic.

Similar Situation In West Africa

South Asia, West Africa and Central Africa are expected to have above-average economic growth in 2023, with forecasts of 4.7 percent, 5.2 percent and 4.7 percent, respectively. “This (growth of 2.8 percent this year) shows that our experts believe a global recession is increasingly unlikely,” Ifo researcher Klaus Gründler said.

The study was conducted between Dec. 7 and Dec. 21, 2022, with the participation of 1,537 economists from 133 countries.

Apart from this issue, the expectation of economic growth is also due to food problems and shortages of raw materials in the world, he said. However, it can also be said that the expectations for the years 2025 – 2040 are quite moderate, although below average compared to the last two years. 

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