Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
Europe's energy crisis to worsen the world economy in 2022 and 2023
Posted on November 28, 2022 |
- In 2022, the world economic growth to slow from 3.1% to 2.2% next year before accelerating to 2.7% in 2024.
- The eurozone economy will slow from 3.3% growth this year to 0.5% in 2023 before recovering to grow by 1.4% in 2024.
- In regional Germany, the economy will see a contraction of 0.3% next year, whose industry-driven economy is dependent on Russian energy exports.
- The French economy is less dependent on Russian energy, which is expected to grow by 0.6% in 2023, and Italy was gaining 0.2% growth, which means several quarterly contractions are possible.
- The UK economy will see a decline of 0.4% next year due to rising interest rates, surging prices, and weak confidence, and the American economy will expect growth to slow from 1.8% this year to 0.5% in 2023 before rising to 1.0% in 2024.
- However, the Chinese economy is expected to see a growth of 4.6% in 2023 and 4.1% in 2024.