IMF Predicts Weakening Economies in Advanced Nations in 2023, Except Japan

Economics & Macro

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Adi Ahdiat 26/07/2023 18:50 WIB

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The IMF projects that economic growth in most advanced G7 economies will slow in 2023, except for Japan.

IMF Projection of G7 Advanced Economies' Economic Growth (2022-2023)

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IMF Predicts Weakening Economies in Advanced Nations in 2023, Except Japan

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IMF Projection of G7 Advanced Economies' Economic Growth (2022-2023)

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In its July 2023 edition of the *World Economic Outlook* (WEO) report, the International Monetary Fund (IMF) projects weaker economic growth in most G7 countries this year.

The G7, or Group of Seven, is an international organization comprising seven major advanced economies: the United States (US), Canada, the United Kingdom, Germany, France, Italy, and Japan.

Within this group, only Japan's economic growth is predicted to strengthen, rising from 1% in 2022 to 1.4% in 2023.

Meanwhile, growth in other G7 member countries is forecast to decline. The most significant decrease is projected for Germany, as detailed in the graph.

"About 97 percent of advanced economies are projected to have lower economic growth in 2023," the IMF stated in its report.

The weakening of advanced economies is predicted to drag down global economic growth, from 3.5% in 2022 to 3% in 2023.

"Advanced economies continue to drive down global growth from 2022 to 2023, with weaker manufacturing performance," said the IMF.

"The growth slowdown in 2023 reflects not only the direction of global demand, but also a shift in the composition of demand towards domestic services, reflecting the effects of US dollar appreciation, and rising trade barriers," it continued.

Along with this, the IMF expects global inflation to ease in 2023.

"About three-quarters of the world's countries are expected to experience a decline in average annual inflation in 2023," said the IMF.

"Monetary policy tightening is expected to dampen inflation, but we project the decline in inflation in 2023 to be driven primarily by weaker international commodity prices," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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IMF Predicts Weakening Economies in Advanced Nations in 2023, Except Japan

IMF Predicts Weakening Economies in Advanced Nations in 2023, Except Japan

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IMF Predicts Weakening Economies in Advanced Nations in 2023, Except Japan

IMF Predicts Weakening Economies in Advanced Nations in 2023, Except Japan

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