The World Bank has released its biannual Global Economic Prospects document and has slashed its 2013 growth forecasts from 3% to 2.4%, just one point above last year. Here are the full forecasts:
2.3% global GDP growth in 2012 (down from 2.5%)
2.4% global GDP growth in 2013 (down from 3.0%)
3.1% global GDP growth in 2014 (down from 3.3%)
3.3% global GDP growth in 2015
This is more bearish than me. I’m reckoning on about 2.7% largely on the back of slight improvements in Europe and the US.
“…slashed its 2013 growth forecasts from 3% to 2.4%…”
I’ll wait for the revision… which should be arriving next week?
Yes, they do tend to lag. But not too far out this time. 3% was to rosy.
2.7% is also too rosy, Dave.
Listen to Richard Heinberg on why global growth is fading away …. forever.
Too bearish?
Thanks for posting the link. His comment on population growth is interesing.
I think they are being a bit optimistic about 2014 too.
Personally I think 2.7% might be a bit too rosy also.
If the attempt to continue to rebalance the Chinese economy continues and the U.S politicians continue their political brinksmanship over the debt ceiling I have a hard time seeing global growth improve past 2012 levels.