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- Global growth headed down as inflation surge to endure – Reuters poll
Global growth headed down as inflation surge to endure – Reuters poll
“The global economy is in the grips of a serious slowdown, with some key economies at high risk of recession and only sparse meaningful cooling in inflation over the next year,” per to Reuters polls of more than 500 forecasters around the world.
Key findings
Despite their aggressive response - in some cases, the most in several decades - inflation has yet to ease in most of the near-50 economies covered in the June 27-July 25 Reuters surveys.
Of the 48 economies covered, 77% of growth forecasts were downgraded for next year with only 13% left unchanged and 10% upgraded.
Inflation forecasts for nearly 90% of the 48 economies were upgraded for next year and over 45% for 2024. That means no quick respite from a cost of living crisis pinching households.
The vast majority of respondents said it would be at least next year before the crisis eases significantly (86%) with more than a third (39%) saying over a year.
Among the top 19 global central banks covered, a slight majority, 11, will see inflation returning to target next year. The remaining eight will not, including some of the biggest ones like the Fed, the European Central Bank, the Bank of England and the Reserve Bank of India.
Also read: Forex Today: Eyes on Fed’s decision and EU energy crisis
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