GDP Growth to Slow, Recession Not Expected, Says Conference Board
Washington, DC, May 20, 2022-After expanding by 5.9% in 2021, The Conference Board expects global economic growth to slow to 2.9% this year, representing a downgrade of 1.0 percentage point from the February global economic outlook.
“Even as the war in Ukraine continues, it is unlikely the global economy will fall into recession this year or next. Nonetheless, the war is expected to weigh on growth, causing recessions in Ukraine, Russia, and potentially other regions.
“Growth for 2023 is also lowered slightly to 1.9%. Emerging economies’ aggregate growth is downgraded to 3.2% for 2022 and to 2.8% for 2023, reflecting downwardly adjusted forecasts for China and many other emerging economies including Russia, Turkey, and economies in Africa.”