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World Economic Forum Chief Economists Outlook

World Economic Forum Chief Economists Outlook:

Recently released World Economic Forum’s Chief Economists Outlook report states that Global economic uncertainty is taking a toll on SDG progress.

  • World Economic Forum’s Chief Economists Outlook Published in September 2023 by World Economic Forum(WEF)
  • The World Economic Forum’s latest Chief Economists Outlook report, highlights the economic challenges that developing countries are facing.
  • This report draws on the individual and collective perspectives of a group of leading chief economists through consultations with the World Economic Forum’s Chief Economists Community and a regular Chief Economists Survey.
  • It explores the key trends in the economic environment, including the prospects for growth, inflation, and monetary policy.

Key highlights:-

  • The Chief Economist’s Outlook is published amid slowing global momentum and continuing economic uncertainty.
  • There are some signs of optimism about the easing of inflationary pressures following looser labour market conditions and fading supply-chain pressures.
  • According to a significant majority of chief economists, the weak economic outlook and geopolitical tensions are likely to have a lasting impact on global development goals in the coming years.
  • It says that over 60% of chief economists expect the global economy to weaken in the coming year amid uncertain domestic and international politics and unsettled financial markets.
  • A large majority (86%) expects the recent global inflationary surge to ease.
  • The prolonged tightening of financial conditions is expected to have lasting impacts, including a squeeze on business lending, increases in corporate debt defaults, and potential corrections in property and equity markets.
  • The economic outlook varies across regions for 2023-2024.
  • The chief economists are most optimistic about growth in Asia.
  • The outlook for China has dimmed since the May 2023 survey, following signs of deflationary pressures and fragility in the country’s real estate market.