Excluding the effects of pandemics, the global economy is projected to grow by 2.8% in 2023
Excluding the effects of pandemics, the global economy is projected to grow by 2.8% in 2023

USA: According to projections made in the 2022 Global Finance and Development Report by the International Finance Forum (IFF), which was presented at the IFF 2022 Annual Meeting on Friday, the global economy will grow 2.8% in 2023 while the Chinese economy is predicted to grow 4.6%.

According to the report, the Chinese economy will expand 3.3% in 2022. According to the report, developed economies will grow by 1.2% while developing economies will grow by 3.9%.

Global inflation, the ongoing pandemic, and geopolitical tensions are the main causes of the world's slowdown in 2022, according to Prof. Song Min, IFF Academic Committee Member and Dean of the Economics and Management School at Wuhan University, the report's primary author.

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As China modifies its COVID control measures, the country's economy will recover in late 2022 and early 2023, according to the report.

The report predicts that the global economy will remain weak in 2023 as a result of monetary tightening in developed countries to control inflation, which will slow growth and possibly further stifle economic expansion in developing countries.

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The IFF suggests a number of policy changes to increase growth, including China's adjustment of its pandemic controls, moderate monetary policies by central banks, increasing domestic growth in developing countries, hastening the green transition, and bolstering international cooperation.

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This is the IFF's second yearly report on the world economy. The report is divided into two parts: the first part offers an analysis and outlook of the global economy, and the second part evaluates the global digital economy and provides information on the new growth trends in the international financial markets.

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