- expects world GDP to grow by 2.4% in 2022 – revised down by 0.5pp since the June GEO – and by just 1.7% in 2023, a cut of 1%
- eurozone and UK are now expected to enter recession later this year
- the US will suffer a mild recession in mid-2023
- “We’ve had something of a perfect storm for the global economy in recent months, with the gas crisis in Europe, a sharp acceleration in interest rate hikes and a deepening property slump in China”
- The forecast now assumes a full or near complete shut-off of Russian pipeline gas to Europe.
