Moody’s downgrades forecast for global GDP growth for 2022 and 2023
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Moody’s has cut its global GDP growth forecast for 2022 and 2023. The agency also retained the forecast for the decline in Russia’s GDP for 2022 and 2023. This was reported by “RIA Novosti” with reference to the report of the agency.
Moody’s estimates that global GDP will grow by 2.5% in 2022 and 2.1% in 2023. The agency previously expected the figure to rise by 3.1% in 2022 and 2.9% in 2023.
Moody’s cut its forecast for US GDP growth to 1.9% from 2.8% in 2022, to 1.1% from 2.9% in 2023. According to the agency, the Eurozone GDP will grow by 2.5% in 2022, and by 0.3% in 2023. Forecasts for Chinese economic growth also declined from 4.5% to 3.5% in 2022, from 5.3% to 4.8% in 2023.
Inflation in the United States at the end of 2022 is 7%, in China – 3%. Inflation in the United States by the end of 2023 may reach 2.3%, in China – 2.5%.
The forecast for a fall in Russia’s GDP has been maintained, the agency believes that in 2022 it will fall by 7%, in 2023 – by 3%. At the end of 2022, inflation may reach 14.1%, in 2023 the growth rate of consumer prices in the country may decrease to 6.9%.
By expectations First Deputy Prime Minister Andrei Belousov, the decline in GDP this year could be only a little more than 2%, inflation – 12-13%, investment – 2%. According to TeDo (formerly Pricewaterhouse Coopers), almost half of Russians expect food spending to rise in the coming months.
More details – in the material “Kommersant” “Consumers have turned on the savings mode“.
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