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S&P Global Market Intelligence: Inflation to moderate in 2023 and 2024

Sara Johnson,Executive Director ofEconomic Research at S&P Global Market Intelligence, saidin a statement on Wednesday, global growth will probably remain subdued in late 2022 and 2023 while inflation sometimes appears moderating on the next 2 yrs.

Key quotes

World real GDP growth is thus projected to slow from 5.8% in 2021 to 2.7% in 2022 and 2.3% in 2023.

Once inflation subsides and financial conditions improve, global growth is likely to revive to 3% in 2024,

mainland Chinas economy continues to struggle. The housing marketplace remains in a deep recession, and declining land sales are hurting municipality finances. Real GDP growth is projected to slow from 8.1% in 2021 to 3.8% in 2022 before picking right up to 4.9% in 2023.

After slowing from 6.2% in 2021 to 3.8% in 2022, Asia-Pacifics real GDP growth is projected to get to 4.2% in 2022 and 4.5% in 2023.

India, Indonesia, Vietnam, the Philippines, Bangladesh, and Cambodia will probably achieve growth rates of 5%-7%.

US real GDP growth is projected to slow from 5.7% in 2021 to at least one 1.5% in 2022 and 1.0% in 2023 before picking right up to at least one 1.7% in 2024.

With growth falling lacking potential, the united states unemployment rate will probably rise from 3.5% in July to 4.8% in mid-2024.

With consumer price inflation at 10.1% year-on-yearin July and headed higher (with a 75% October upsurge in gas and electricity rate caps), the united kingdom recession is likely to linger through the spring quarter of 2023.

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