{"product_id":"global-macroeconomic-outlook-q3-2023-update","title":"Global Macroeconomic Outlook - Q3 2023 Update","description":"\u003cp\u003eGlobal Macroeconomic Outlook - Q3 2023 Update\u003cbr\u003e\nSummary\u003c\/p\u003e\n\n\u003cp\u003eThe world economy is witnessing positive developments, driven by lower energy prices, improved consumer confidence, and fewer disruptions in supply chain. However, challenges remain, including persistently high core inflation and the effects of higher global interest rates on property and financial markets. Governments are actively working to stabilize the economy and address these risks.\u003c\/p\u003e\n\n\u003cp\u003eIn light of these factors, GlobalData has revised its growth projection for the global economy in 2023, raising it by 0.1 percentage points to 2.1% in its June 2023 update. However, this represents a slowdown, compared to the 3.1% growth observed in 2022, indicating a more moderate pace of recovery.\u003c\/p\u003e\n\n\u003cp\u003eGlobalData's June 2023 update resulted in a 0.11 percentage point increase in the global real GDP growth forecast, compared to the March 2023 update. This positive revision can be attributed to the decrease in energy and food prices and the expected robust performance of Asia-Pacific nations, particularly India and China. Furthermore, all regions, except for the Middle East and Africa, saw an upward revision in their economic growth projections for 2023, in the June 2023 update.\u003c\/p\u003e\n\n\u003cp\u003eThe global inflation rate is estimated to decrease to 5.3% in 2023 from 8.7% in 2022, but it is projected to remain above the target set by major economies' central banks. Inflation rates are expected to ease across all regions, including the Americas (9.9% in 2023, compared to 10.4% in 2022), Asia-Pacific (6.6% vs 7.6%), Europe (7% vs 11%), and the Middle East \u0026amp; Africa (16% vs 19%), as per GlobalData estimates.\u003c\/p\u003e\n\n\u003cp\u003eChina's economy experienced an average annual growth of 5.5% in H1 2023 but is expected to slowdown to 4.7% in Q3 and 5.2% in Q4 2023, due to sluggish demand impacting key economic indicators, according to GlobalData projections.\u003c\/p\u003e\n\n\u003cp\u003eIn June 2023, the Federal Reserve paused its rate hike cycle after increasing its rates 10 times since February 2022. However, the European Central Bank continued its streak of rate hikes with the eighth consecutive increase in June 2023. Other major economies also raised rates in the first half of 2023. Despite some easing of inflationary pressure, it remains significantly above the central bank's target. GlobalData predicts that central banks will maintain higher policy rates until inflation falls within their target range.\u003c\/p\u003e\n\n\u003cp\u003eBusiness confidence remained low due to high financing cost and lower external demand, while consumer confidence improved due to easing of inflationary pressures in the first six months of 2023.\u003c\/p\u003e\n\n\u003cp\u003eUnemployment rates are set to increase in the Americas, Arab States, and Europe, while the Asia-Pacific region is expected to see a decline in 2023. Youth unemployment remains a pressing issue, with the highest rates anticipated in developing nations.\u003c\/p\u003e\n\n\u003cp\u003eGlobal trade prospects in 2023 are expected to be impacted by lower external demand and higher financing. The World Trade Organization (WTO) projects a growth of 1.7% in global trade volume for 2023, a slowdown from the 2.7% growth recorded in 2022.\u003c\/p\u003e\n\n\u003cp\u003eUS stocks excelled in H1 2023, while European and Asian markets rebounded. India's stock market boomed, becoming the world's fourth most valuable.\u003c\/p\u003e\n\n\u003cp\u003eScopeOver the past six months, economic growth projections have been revised upward for most regions, except for the Middle East and Africa. This positive revision can be attributed to the easing of inflationary pressure. Meanwhile, the MEA region's growth prospects in 2023 will be affected by OPEC+ nations cutting oil production, declining oil prices, and reduced external demand.Reasons to BuyGlobalData's Global Macroeconomic Outlook Report identifies, analyzes, and forecasts key development of the global economy. The report provides a 360-degree view of the economy which can be used as a strategic tool to understand market dynamics, business potential and direction of operations.\u003c\/p\u003e","brand":"Heavy Industry","offers":[{"title":"July, 2023 \/ 63 Pages \/ MCW16207433","offer_id":47610575257906,"sku":null,"price":1320.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/global-macroeconomic-outlook-q3-2023-update","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}