Due to inflation rates falling faster than originally expected, the stabilization of supply chains and despite interest rate hikes by central banks, the global economy developed positively in the year under review. According to the January 2024 World Economic Outlook Update (WEO Update) published by the International Monetary Fund (IMF), the global economy grew by 3.1% in fiscal 2023, which slightly exceeded the IMF’s forecast of 2.9% growth from January 2023.
According to statistical office Eurostat, gross domestic product (GDP) in the eurozone rose by 0.5% year-on-year in 2023. For France and Italy, the IMF recorded growth rates of 0.8% and 0.7%, respectively, while Spain’s economy grew by 2.4%. Conversely, GDP in Germany fell by 0.1% according to the Federal Statistical Office. The United Kingdom achieved growth of 0.5% according to the IMF and was therefore on a par with the eurozone. For Russia, the IMF estimated GDP growth of 3.0%.
In North America, the USA posted GDP growth of 2.5% in 2023, according to the Bureau of Economic Analysis. For Canada and Mexico, the IMF recorded GDP growth of 1.1% and 3.4%, respectively. Other countries in the Americas also saw continued economic recovery in 2023. For Brazil, for example, the IMF estimated GDP growth of 3.1%.
Asian countries also recorded a continued economic revival in the year under review, according to the IMF. High growth rates were achieved in 2023 by India’s economy, with GDP growth of 6.7%, by China, with growth of 5.2%, and by the Association of Southeast Asian Nations (ASEAN), with GDP growth of 4.2%. According to the IMF, lower growth rates were reported for Japan, with GDP growth of 1.9%.
