Europe on a Verge to Face Energy Crisis
Global Economy Forecast for 2023
By Shubhendra Anand , 24 March, 2023
The inflation rate has changed the economy of the United States in the last year. And 2023 seems somewhat different when it comes to the economy. After a fall in the economy, the States sees a recovering economic condition in 2023.
The GDP of the U.S. increased at a rate of 2.9 percent in the fourth quarter of 2022, reports say. In 2023, the U.S. economy faces new challenges. Inflation remains too high, and Fed is supposed to increase rates to keep the market under control. Thus, a slowdown or recession is expected in 2023.
According to the reports, there are chances that inflation can be swayed in without falling into recession. U.S. chief economist of Bank of America, Michael Gapen, said, "housing is in a recession, manufacturing is slowing, but if the consumer keeps spending you are not going to get a recession."
The World Bank reveals that the global economy is expected to grow by 1.7 percent in 2023 and 2.7 percent by 2024. Also, the advanced economic growth is expected to slow from 2.5 percent in 2022 to 0.5 percent in 2023. In the U.S., it is forecasted to fall to 0.5 percent in 2023. As per the data, the GDP in developing economies will be 6 percent below the levels expected before the pandemic.
Home Sales by Rising and Forecasted Recession
Latest News
Europe on a Verge to Face Energy Crisis
Europe's gas storage levels have been depleting at a faster pace over the years. In the last eight years, European gas storage has experienced a stunt decrease. The survey reports for 2024 show that the European region is experiencing depleting…
Slow Evolving Automotive Market may Impact Green Transition
The global automotive industry faces multiple challenges in 2024. It is due to several other reasons apart from its affordability. Since the beginning of 2024, automotive trends have been evolving, shaking the balance of the automotive domain. A…
Indian Ferro Alloys Faces Numerous Challenges in 2024
Ferro alloys play a crucial role in India’s steel industry. The manufacturing and production sector relies on ferro alloys to boost the nation's heavy industries and steel production. A survey of 2024 shows that the ferro alloys market is facing…
High Cost and Infrastructure Constraints Drive the Global EV Sales
The automobile market has experienced a global slowdown since the beginning of 2024. However, the electric vehicle market plummeted over the period in 2024. Several constraints are behind the fall of electric vehicle sales, such as costly raw…
Hydrogen Trains in 2024 to Drive Sustainability
Hydrogen trains signify an essential development in the world's efforts to decarbonize transport. А Hydrogen-powered trains emerged as the fastest way of mobility, with specific coverage and significant developments in several areas, signifying a…
