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S&P Global Market Intelligence: Inflation to moderate in 2023 and 2024

Sara Johnson, executive director of economic research at S&P Global Market Intelligence, said in a statement Wednesday that global economic growth is likely to remain subdued in late 2022 and 2023, while inflation is expected to moderate in the future. Two years off.

Key quote

“As a result, world real GDP growth is projected to slow from 5.8% in 2021 to 2.7% in 2021 % 2.3% in 2022 and 2023.

“Global growth is expected to recover to 3% in 2024 once inflation subsides and financial conditions improve”,

Mainland China’s economy continues to struggle. “The property market is still in a deep recession, and falling land sales are hurting local government finances. Real GDP growth is expected to slow from 8.1% in 2021 to 3.8% in 2022, before recovering to 4.9% in 2023. “

” After slowing to 3.8% in 2021 from 6.2% in 2021, real GDP growth in Asia Pacific is expected to recover to 4.2% in 2022 and 4.5% in 2023 %. “

“India, Indonesia, Vietnam, Philippines, Bangladesh and Cambodia will likely achieve growth rates of 5%-7%. “

U.S. real GDP growth is projected to slow from 5.7% in 2021 to 1.5% in 2022 and 1.0% in 2023, before picking up again to 1.7% in 2024.”

“U.S. unemployment could rise from 3.5% in July to 4.8% by mid-2024 as growth falls below potential.”

“With consumer price inflation rising 10.1% y/y in July and continuing to rise (75% increase in gas and electricity rate caps in October), the UK recession is expected to continue into the spring quarter of 2023.”

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