Uncertainty in 2022 caused by COVID-19, Russia’s invasion of Ukraine, rising global inflation rates, and concerns of a recession have contributed to slower global economic growth, according to the IPC’s recent Economic Outlook report.
Shawn DuBravac, IPC’s chief economist, said, “2022 was hard for many reasons. And 2023 could be even more difficult for the economy but for very different reasons.”
“I expect about a third of the world economy will likely be in recession in 2023. Global economic growth has already fallen, slipping from 6% in 2021 to about 3.2% in 2022. Global growth is expected to slow further in 2023, clocking in at less than 2%.
In Europe, electronics manufacturing output fell in October after two months of growth. Output decreased 2 percent (month-on-month), but production remains high. Output is up 4.4 percent over the last year.
He remained more upbeat about the U.S. forecast: “Although some think a recession has already begun in the U.S., this is not my view given the relative strength of other economic data. Industrial production continues to expand, albeit at a slower rate. Unemployment claims remain low and employment levels continue to rise.”
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