Economists cautious about global growth this year

Economists around the world have expressed a rather “cautious” view of their countries’ economic growth this year.

The German Institute for Economic Research (Ifo) and the Swiss Institute for Economic Policy (KOF) have published the results of the quarterly “Economists’ Survey”.

According to the survey, global economic growth will slow to 2.8 percent this year. After this year’s slump, global growth will pick up to 3.3 percent next year and 3.8 percent in 2026.

The expected growth rate for this year was claimed to be about 0.4 percent below the average global economic growth rate in the 10 years prior to the Covid-19 outbreak.

5.2 PERCENT FOR WEST AFRICA

Economic growth expectations for 2023 were above the world average at 4.7 percent for South Asia, 5.2 percent for West Africa and 4.7 percent for Central Africa.

“This (2.8 percent growth this year) means that our experts believe that a global recession is less and less likely,” said Klaus Gründler, a researcher at Ifo.

1,537 economists from 133 countries participated in the survey from December 7 to 21, 2022. (BRITISH AUTOMOBILE CLUB)