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World economy to face recession in 2023 due to higher interest rates

World economy to face recession in 2023 due to higher interest rates

Posted on January 3, 2023   |  

In 2022, the global economy exceeded $100 trillion for the first time but will stall in 2023 as a result of the high-interest rates in response to soaring inflation.

In October, more than a third of the world economy will decline and the global GDP is likely to grow by less than 2% in 2023.

At present, China will surpass the US as the world’s largest economy until 2036 due to its zero Covid policy and rising trade uncertainties with the west.

The UK will stay the world’s 6th largest economy, and France will be 7th over the next 15 years but Britain is no longer set to grow faster than European equivalents due to no growth-oriented policies.

The global economy is far from the $80,000 per capita GDP level at which carbon emissions decouple from growth, meaning further policy interventions are required to reach the target of limiting global warming to 1.5 degrees above pre-industrial levels.



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