Europe's energy crisis to worsen the world economy in 2022 and 2023

Europe's energy crisis to worsen the world economy in 2022 and 2023

Posted on November 28, 2022 |

In 2022, the world economic growth to slow from 3.1% to 2.2% next year before accelerating to 2.7% in 2024.
The eurozone economy will slow from 3.3% growth this year to 0.5% in 2023 before recovering to grow by 1.4% in 2024.
In regional Germany, the economy will see a contraction of 0.3% next year, whose industry-driven economy is dependent on Russian energy exports.
The French economy is less dependent on Russian energy, which is expected to grow by 0.6% in 2023, and Italy was gaining 0.2% growth, which means several quarterly contractions are possible.
The UK economy will see a decline of 0.4% next year due to rising interest rates, surging prices, and weak confidence, and the American economy will expect growth to slow from 1.8% this year to 0.5% in 2023 before rising to 1.0% in 2024.
However, the Chinese economy is expected to see a growth of 4.6% in 2023 and 4.1% in 2024.

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