Big Data

The global economic growth is poised to gain momentum in 2023 due to easing inflation pressures in food and energy sectors, the gradual revival of European nations, strong growth potential in the Asia-Pacific (APAC) region, and North America’s resilient labor market. As economies move through diverse business cycle stages, regional disparities may emerge. Nevertheless, APAC nations are set to drive nearly 70% of the global growth, whereas Western peers could encounter significant economic deceleration, reveals GlobalData, a leading data and analytics company. Against this backdrop,  GlobalData has revised its 2023 economic growth projection for the global economy by 0.11 percentage points (pp) to 2.1% in June 2023, compared to its previous projections in March 2023. GlobalData’s latest report, “Global Macroeconomic Outlook – Q3 2023 Update,” reveals that all regions are expected to experience a slowdown in economic growth in 2023, except for the APAC region. However, in June 2023, growth projections were revised upward for APAC to 3.8% (0.10 pp higher than March 2023), the Americas to 1.2% (0.11 pp increase), and Europe to 0.6% (0.22 pp higher). On the other side, the Middle East and Africa (MEA) region’s growth projection was downwardly revised to 2.8% (a 0.37 pp decrease) due to declining oil prices and lower production. Less developed African nations also face challenges from high food prices, complicating their economic recovery. The global inflation rate is estimated to decrease to 5.3% in 2023 from 8.7% in 2022, but it is projected to remain above the target set by major economies’ central banks. GlobalData estimates inflation rates to ease across all regions—APAC (6.6% in 2023 vs 7.6% in 2022), the Americas (9.9% vs 10.4%), Europe (7% vs 11%), and the Middle East & Africa (16% vs 19%). Ramnivas Mundada, Director of Companies and Economic Research at GlobalData, comments, “In […]