World Economic Prospects:  World GDP forecast raised to reflect brighter US outlook

March/April 2023

Each month Oxford Economics’ team of 300 economists and analysts updates our baseline forecast for 200+ countries using our innovative Global Economic Model. Fully linking individual country models through global assumptions about trade volume and prices, competitiveness, capital flows, interest and exchange rates, and commodity prices, our model provides a rigorous and consistent structure for forecasting and understanding the impact of economic shocks. Below is just the top-level summary of our analysis of the latest economic developments.

• We have raised our 2023 world GDP growth forecast for the second consecutive month to 1.7%, from 1.5% a month ago.
• We expect global GDP growth to pick up to 2.5% in 2024, but this would still represent a lacklustre performance, even by the standards of the post-global financial crisis period.
• The global economy still looks set for a sustained period of weakness.

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