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After years of turbulence and significant volatility in economic output, the world economy is on a more stable trajectory.

The global economic outlook has improved since January, with major economies avoiding a severe downturn. The world economy is now projected to grow, on the back of better-than-expected performance of the United States economy and some improvement in the outlook for several large emerging economies.

Although global economic growth outperformed expectations in 2023 with several large economies showing remarkable resilience, simmering geo-political tensions and the growing intensity and frequency of extreme weather events have increased underlying risks and vulnerabilities. Furthermore, tight financial conditions also pose increasing risks to global trade and industrial production.

The world economy is in the doldrums, with weak economic growth, stubborn inflation and rising interest rates in the major developed economies clouding the near-term economic outlook. Legacy effects of the COVID-19 pandemic, the protracted war in Ukraine, exacerbating effects of climate change are impeding a rebound of global growth.

As we enter May 2023, the global economic situation remains highly uncertain amid an extraordinary confluence of recent shocks that have affected countries across the world.

Multiple shocks to the world economy The world continues to confront multiple, inter-connected crises. Amid a slow recovery from the impact of the COVID-19 pandemic, the world is facing a food and energy crisis exacerbated by the war in Ukraine, with r ...

Global growth prospects have weakened significantly amid the war in Ukraine, rising energy, food and commodity prices, soaring inflation and tightening monetary policy stances by major central banks.

The World Economic Situation and Prospects as of mid-2022, set to be released on 18 May 2022, will delve into the multitude of local, regional, and global economic consequences of the current war in Ukraine. The war, which erupted in February 2022, has ...