World Outlook 2023: The Looming Recession

Peter Hooper, Global Head of Economics Research, Matt Luzzetti, Chief US Economist and Mark Wall, Chief European Economist, discuss the world outlook 2023 as we find ourselves at a defining moment for the global economy. Inflation is running at multi-decade highs, central banks are pursuing their most aggressive tightening cycle in a couple generations, and a recession is now increasingly expected in the US and Europe. As 2023 nears, there is a growing consensus that it is shaping up will be the third-worst year for global growth so far in the 21st century, behind only the pandemic year in 2020 and the aftermath of the financial crisis in 2009.