Hey International Monetary Fund The International Monetary Fund expects a difficult year for advanced economies. According to the study Global economic forecasts (World Economic Outlook), released on Tuesday (4/11), growth in rich countries' GDP was 2.7% last year. In 2023, it is supposed to remain at 1.3%, a level below the global average of 2.8%. But estimates for countries like Germany and the United Kingdom are even worse. Both could end the year with negative GDP, with declines of 0.1% and 0.3% respectively.
The IMF estimates that of the eight rich countries highlighted, only the United States (1.6%), Spain and Canada (1.5%), as well as Japan (1.3%), can reach or exceed the average Growth expectations for the wealthy. The growth rate in member states is expected to be 1.3% in 2023. France and Italy are expected to grow by only 0.7% in 2023. In the euro area, the average increase in output should be 0.8%.
In Europe, forecasts also point to negative GDP, with a decline of 0.5% in Sweden. Denmark should not go from zero to zero. Austria could advance by 0.4% and the Netherlands by 1%.
In the report, IMF technicians point out that “the global economy is once again experiencing a moment of extreme uncertainty,” with cumulative effects of the shocks observed in the past three years, with the pandemic and the Russian invasion of Ukraine. All of this was exacerbated in 2023 by the crisis that threatened the banking systems in the United States and Europe.
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