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(%)


Bar chart showing 2023 Real GDP forecast as a year over year percentage for the US, European Union, UK, Germany, Asia-Pacific, China and World markets.
  1. The macro economic outlook points to a slowdown in growth in 2023
  2. 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
  3. 1H23 will see evolving GDP growth, but will gradually improve going into 2H23
  4. Mainland China economic downturn is expected to moderate as a result of improving manufacturing conditions
  5. Higher energy costs could push Western Europe into recession
  6. 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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