We are excited to announce that as of February 1, Wood Mackenzie is a portfolio company of Veritas Capital, a leading investor at the intersection of technology and government. Our focus remains on providing you with the best intelligence, analytics, data and tools to ensure you are making the best data-driven business decisions with confidence.  

Read more in our news release here. 


Global economic outlook Q1 2023: turning point approaching

Get this report


You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

15 March 2023

Global economic outlook Q1 2023: turning point approaching

Report summary

The outlook for the global economy is improving. We don’t anticipate a synchronised global recession this year. But we do expect the economic slowdown to continue for several months before reaching a turning point in the second half of 2023. Opposing forces are at play in the global economy. China is accelerating while the US is slowing and Europe is entering a recession. We forecast global gross domestic product growth to slow to 2.2% in 2023 from 3% last year, before rebounding by 3.2% next year.

Table of contents

  • Executive summary
    • (Re)enter the dragon
    • India alluring
    • Europe on the brink
    • US: jobs, jobs and more jobs
    • Long-term economic outlook
    • Passing the baton
    • Risks are relatively balanced

Tables and charts

This report includes 12 images and tables including:

  • Global GDP growth
  • China savings
  • China's highway mobility rebounds in early 2023
  • India public investment
  • Europe inflation has peaked
  • German industry is resilient
  • US inflationary periods compared
  • US employment gains
  • Global GDP level
  • Global GDP growth
  • India surpasses China as most populous nation
  • Population growth rates

What's included

This report contains:

  • Document

    Global economic outlook Q1 2023: turning point approaching

    PDF 909.72 KB