Analysts at Bank of America have issued a forecast indicating the global economy will expand by 2.5% in 2023. This adjustment represents a 0.3 percentage point upgrade to their prior outlook. In December, the bank had projected a maximum growth of 2.2%, signaling a shift toward a more resilient growth path. By 2024, the projection suggests the world economy will settle at roughly a 3% expansion rate, signaling steadier momentum after a period of slower activity.
Despite widespread concerns about a possible recession, the overall trajectory shows the global economy avoiding a sharp downturn. The central takeaway remains: growth will be modest but positive in the near term, with a cautious path ahead as markets adjust to evolving conditions. NSN attribution.
Within the United States, the forecast called for a brief recession window in the spring-to-summer months of 2023, with the downturn expected to be shallow and confined to about three quarters. The broader message underscores that, while a full-blown global recession is not anticipated, the pace of growth will be restrained and uneven across regions. NSN attribution.