According to the July 2023 update of the International Monetary Fund (IMF) Global Economic Outlook, global growth is expected to decline from the estimated 3.5% in 2022 to 3.0% in both 2023 and 2024. The 2023 forecast has been revised slightly upward by 0.2 percentage points from the April Projection, while the 2024 forecast remains unchanged.

Although the 2023 forecast is slightly higher than initially predicted in the April 2023 Global Economic Outlook, it still remains weak compared to historical trends. Global inflation is expected to decrease from 8.7% in 2022 to 6.8% in 2023 (a downward revision of 0.2 percentage points from the April Projection), and further to 5.2% in 2024 (an upward revision of 0.3 percentage points from the April Projection). Core inflation is projected to decline more gradually, and inflation forecasts for 2024 have been revised upwards.

World trade growth is expected to decline from 5.2% in 2022 to 2.0% in 2023 (a downward revision of 0.4 percentage points from the April Projection), and then rise to 3.7% in 2024 (an upward revision of 0.2 percentage points from the April Projection). However, these rates are significantly below the average of 4.9% for the period 2000-2019.

Source:  IMF
Post by: Republic of Türkiye Ministry of Trade