Quarterly Market Analysis Report July-September 2023

Abstract

Growth in the global economy is projected to fall from an estimated 3.5 per cent in 2022 to 3.0 per cent in 2023 and further to 2.9 per cent in 2024, driven largely by downside risks including a slowdown in China’s growth, persistence of underlying inflation, and more volatile commodity prices amid geopolitical and climate shocks. Growth in emerging markets and developing economies is projected to be broadly stable at 4.0 per cent in 2023 and 4.1 per cent in 2024. For Sub-Saharan Africa, growth is projected to decline from 3.9 to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024.