McKinsey - Global Economics Intelligence executive summary, Part 2

The global economy performed better than expected in 2022, with estimated GDP growth of 3.2%. Growth estimates for 2023 and 2024 have also improved, with a predicted short-term slowdown in 2023 due to stagnation in developed economies. The US and Eurozone economies demonstrated resilience, with India and China expected to experience comparatively robust growth in 2023. Inflation and energy uncertainty remain persistent downside risks, but inflation is beginning to slow in both developed and emerging economies. Central banks are tightening policy, with the US Federal Reserve and the Bank of England raising interest rates and signaling further increases in 2023. Recent global economic data has been mixed, reflecting both improved conditions and persisting risks.