The United Nations reported that global growth in 2023 is likely to hit 3.4%, which is less severe than originally anticipated because of resilient household spending in rich nations and China’s economic recovery.
Nairametrics reported that they announced that the global growth prediction has been revised upward by 0.4 percentage points from the January forecast. It is now expected to fall from 3.1% in 2022 to 2.3% in 2023.
According to the UN’s “World Economic Situation and Prospects as of mid-2023” study, Africa’s growth is expected to slow slightly from 3.5% in 2022 to 3.4% in 2023 before increasing to 3.5% in 2024.
The report stated that although the outlook for the economy is still dim, the decline in global growth in 2023 is probably going to be less severe than initially anticipated because of resilient consumer spending in rich economies and China’s economic recovery.
“An upward revision of 0.4 percentage points from the January prediction now predicts that global growth would decline from 3.1% in 2022 to 2.3% in 2023. The expected reduction in worldwide inflation from 7.5% in 2022 to 5.2% in 2023 is mostly attributable to lower food and energy costs and weaker global demand.
“The global economy is anticipated to gain some momentum in 2024 amid easing inflationary pressures, but growth is projected to remain well below average at 2.5% growth is projected to remain well below the longer-term (2000-2019) average of 3.1% Africa.”
Africa’s growth is anticipated to slow slightly from 3.5% in 2022 to 3.4% in 2023 before increasing to 3.5% in 2024.
