IMF Growth Projections For World In 2022-23

Insight Bureau:  As the global economy enters the current year, 2022, it tends to be on a weaker position than expected. Omicron, the new COVID variant has catered to mobility restrictions  which has led to hike in energy supplies world wide soaring the inflation rates  has made the international markets go topsy Turvey.

As per  World Economic Outlook (WEO), the Global  economic growth is expected to moderate from 5.9 in 2021 to 4.4 percent in 2022—half a percentage point lower for 2022 

The World Economic Outlook (WEO) database is created during the bi-annually, beginning in January and June of each year and resulting in the April and September/October WEO publication.

WORLD ECONOMIC OUTLOOK 2021:
The IMF projected the global economy to grow 6.1% in 2021. It remained unchanged during the April WEO but with offsetting revisions reflecting pandemic developments and changes in policy support.

The GDP of the economically advanced nations was estimated by IMF to increase to 5.2% which included the following countries and their individual percentage change:

US – 5.7%
Germany – 2.8%
France – 7.0%
Italy – 6.6%
Spain – 5.1%
Japan – 1.6%
UK – 7.4%
Canada – 4.6%

The IMF also projected the economy of the developing nations to grow to 6.8%. Some of the developing countries and their individual percentage change include:

China – 8.1%
India – 8.9%
Russia – 4.7%
Brazil – 4.6%
Mexico – 4.8%
Saudi Arabia – 3.2%
Nigeria – 3.6%
South Africa – 4.9%

WORLD ECONOMIC OUTLOOK 2022:
In the World Economic Outlook (WEO) report for the month of April 2022, the IMF stated the global economy to degrade to 3.6% as against 6.1% in 2021 owing to the rapid increase in food and fuel prices due to the Russia-Ukrainian War, triggering a costly humanitarian crisis.

IMF cuts down the overall GDP of the economically advanced nations to 3.3% which includes the following countries and their individual percentage change:

US – 3.7%
Germany – 2.1%
France – 2.9%
Italy – 2.3%
Spain – 4.8%
Japan – 2.4%
UK – 3.7%
Canada – 3.9%

The economy of the developing nations is estimated to observe a 3% decrease from 6.8% to 3.8%. Some of the developing countries and their individual percentage change include:

China – 4.4%
India – 8.2%
Russia – -8.5%
Brazil – 0.8%
Mexico – 2.0%
Saudi Arabia – 7.6%
Nigeria – 3.4%
South Africa – 1.9%

A report stated, “Notable downgrades to the 2022 forecast include Japan (0.9 percentage point) and India (0.8 percentage point), reflecting in part weaker domestic demand – as higher oil prices are expected to weigh on private consumption and investment – and a drag from lower net exports.”

WORLD ECONOMIC OUTLOOK 2023:
For the financial year 2023-24, World Economic Outlook (WEO) report projects the global economy to stay static at 3.6% with the GDP of the economically developed nations, however, further degrading to 2.4% whilst that of the developing nations to slightly increase by 0.6 percentage points to 4.4%.

US – 2.3%
Germany – 2.7%
France – 1.4%
Italy – 1.7%
Spain – 3.3%
Japan – 2.3%
UK – 1.2%
Canada – 2.8%
China – 5.1%
India – 6.9%
Russia – -2.3%
Brazil – 1.4%
Mexico – 2.5%
Saudi Arabia – 3.6%
Nigeria – 3.1%
South Africa – 1.4%