Here are some snippets from the latest on the global economy from Citi:
- Global growth to slow to below 2% in 2023
- Sees Fed terminal rate between 5.25% to 5.50%
- Sees 2023 US headline inflation at 4.8%
- Sees US GDP growth of 0.7% next year, China GDP growth of 5.6%
The firm adds that “we see global performance as likely plagued by ‘rolling’ country-level recessions through the year ahead”, with their forecasts projecting the UK and Eurozone economies to contract by 1.5% and 0.4% respectively in 2023.
As for the slower growth outlook, the firm is citing continued challenges from the pandemic and the Russia-Ukraine conflict, which has led to surging inflation and aggressive policy tightening by major central banks in response.