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Global economic outlook Q3 2022: on the precipice

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19 August 2022

Global economic outlook Q3 2022: on the precipice

Report summary

The global economy is on the precipice and the path to avoiding a global recession is narrow. Although challenges and risks are intensifying, we still expect growth ahead, a so-called ‘soft landing’. Wood Mackenzie forecasts global gross domestic product (GDP) growth will slow to 2.8% in 2022, down from 5.9% in 2021. China and Asia will drive an acceleration in global growth to 3.0% in 2023, offsetting further slowing in the US and Europe.

Table of contents

  • Executive summary
    • Soft landing
    • Labour markets: late cycle but assisting growth
    • China’s rebound built on infrastructure
    • Inflation asymmetry
    • Painful prices
    • Who are the winners?
    • Policy conundrum
    • Economies in crisis
    • Risks

Tables and charts

This report includes 7 images and tables including:

  • Global economic outlook
  • Unemployment rates falling
  • Strong job additions
  • Rising inflation
  • US official interest rate
  • US consumption rotating back to services
  • Risk table for selected economies

What's included

This report contains:

  • Document

    Global economic outlook Q3 2022: on the precipice

    PDF 924.18 KB