Major Economies Economic Forecast

Economic Snapshot for G7 Countries

September 28, 2022

Economic Growth

Global growth will slow this year and next, hampered by elevated inflation, higher interest rates and waning fiscal stimulus. Risks include faster-than-expected monetary tightening, a broadening of the Russia-Ukraine war, energy shortages in Europe, U.S.-China tensions and a steep downturn in China, which is suffering from Covid-19 restrictions and a housing downturn.

Inflation Outlook

World inflation should peak in H2 this year and decline during 2023, as global demand slows, commodity prices pull back and supply constraints ease. However, inflation will still be high by historical standards next year. The course of the war in Ukraine, the depth of the coming economic slowdown and extreme weather events will be important to watch.


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