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.