Economist Scott Johnson predicts the global economy will grow by just 2.4% in 2023. Previously, the global economy was forecast to grow by about 3.2%. The decline would mean 2023 could be one of the worst economic years since 1993, along with the abysmal years of 2009 and 2020.
However, the relatively low growth figures hide significant differences between regions. In fact, Europe could end up in a recession early in the year, while the US might not do so until the end of the year. Meanwhile, China seems to expect economic growth above 5%. The growth in China is said to be partly due to a possible end to the government’s “zero-Covid policy” and government intervention in the property market, which is in crisis.
That 2023 could be a dramatic economic year for the Netherlands is also evident from the projections of the Central Planning Bureau (CPB). The institute calculates that overall purchasing power will decrease by about 4% this year and next. There was also a warning about “structurally high energy prices.”