Digital Transformation Slows Down the Global Economy
Global Economy Forecast for 2023
By Shubhendra Anand , 24 March, 2023
The inflation rate has changed the economy of the United States in the last year. And 2023 seems somewhat different when it comes to the economy. After a fall in the economy, the States sees a recovering economic condition in 2023.
The GDP of the U.S. increased at a rate of 2.9 percent in the fourth quarter of 2022, reports say. In 2023, the U.S. economy faces new challenges. Inflation remains too high, and Fed is supposed to increase rates to keep the market under control. Thus, a slowdown or recession is expected in 2023.
According to the reports, there are chances that inflation can be swayed in without falling into recession. U.S. chief economist of Bank of America, Michael Gapen, said, "housing is in a recession, manufacturing is slowing, but if the consumer keeps spending you are not going to get a recession."
The World Bank reveals that the global economy is expected to grow by 1.7 percent in 2023 and 2.7 percent by 2024. Also, the advanced economic growth is expected to slow from 2.5 percent in 2022 to 0.5 percent in 2023. In the U.S., it is forecasted to fall to 0.5 percent in 2023. As per the data, the GDP in developing economies will be 6 percent below the levels expected before the pandemic.
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