2023 GDP Outlook
While recent 2023 GDP forecasts have increased slightly compared to October 2022 estimates, they remain below historic long-term GDP growth figures. Strongest growth expected in APAC, attributed mainly to recovery in China.
2023 Real GDP Forecast YoY(%)
- The macro economic outlook points to a slowdown in growth in 2023
- GDP growth is forecasted to ease in most countries and regions (compared to 2022), with the main exception of China, where GDP is expected to recover
- 1H23 will see evolving GDP growth, but will gradually improve going into 2H23
- Mainland China economic downturn is expected to moderate as a result of improving manufacturing conditions
- Higher energy costs could push Western Europe into recession
- The IMF expects inflation and world oil prices to moderate over 2023, offering some respite to both consumers and the air transport industry
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