SP Global Market Intelligence predicts that in 2023, global growth would slacken to 1.5 percent.

Real GDP growth is projected to decline to 2.9 percent in 2022 and 1.5 percent in 2023 . Europe and North America will likely suffer recessions, S&P Global Market Intelligence forecast .

New Delhi, India, November 24 : Real GDP growth is projected to decline to 2.9 percent in 2022 and 1.5 percent in 2023, according to a note issued by global financial information and analytics services provider S&P Global Market Intelligence.In the coming months, Europe and North America, the economies that produce half of the global output, will likely suffer recessions.Growth in these areas would dampen demand in other regions of the world through trade and capital flows, according to the S&P Global Market Intelligence forecast.Interest rates on government bonds, corporate debt, mortgage loans, and consumer credit have risen as a result of persistent inflation and fears of further quantitative tightening.

The US economy is expected to resume a slowdown in the first half of 2023, with declines in residential development, commercial construction, and consumer spending on goods, according to major central banks.We expect real GDP to grow by 1.3% in 2024 as inflation subsides and interest rates reduce, according to the study.

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