High inflation and rising interest rates set against a tight labor market: These were hallmarks of the 2022 global economy. In 2023, we’ll experience the outcome of these converging factors. Which countries and sectors are expected to grow? Which might contract, stabilize or rebound?
After years of pandemic disruption followed by a rebalancing in 2022, we look for a story of outcomes in 2023. The repercussions of high interest rates will result in multi-speeds for the global economy with a contraction in European growth, limited real economic expansion in North and South America, stabilization in the Middle East and resilience in emerging Asia.
Watch the on-demand webinar to learn about the Mastercard Economics Institute’s annual economic outlook:
- Why omnichannel strategies are helping businesses outperform expectations
How high interest rates are affecting housing and housing-related spending
Why trading down and shopping around are trending
How pricing and consumer preferences could be affected by slower inflation