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Moody's cuts GDP growth forecast for G20

Moody's cuts GDP growth forecast for G20
Moody's expects Russian economy to narrow by 7% this year

By Gokhan Ergocun

ISTANBUL (AA) - Moody's on Thursday lowered its 2022 growth forecast for G20 countries from 3.6% to 3.1%, while increasing its inflation expectations.

"Main drivers of the slowing economic momentum are ongoing supply shocks that are stoking inflation and eroding consumer purchasing power, and a shift toward more hawkish monetary policy globally, accompanied by financial market volatility, asset repricing and tighter credit conditions," the international credit rating agency said in its Global Macro Outlook report.​​​​​​​

Moody's stressed that the economic recovery in the post-pandemic era faces several challenges, including Russia's war on Ukraine and China's strong measures against resurgent coronavirus outbreak under its to zero-COVID policy.

The report forecasted that G-20 countries' economy would expand by 2.9% in 2023.

On average, they had secured 5.9% growth in 2021.

Over 2022 and 2023, GDP growth in advanced economies was projected as 2.6% and 2.1%, respectively, while it was 3.8% and 4.2% in emerging markets, and 2.5% and 2.3% for the eurozone.

By country, the report forecast the US economy growing by 2.8% and 2.3%, Germany by 1.8% and 2.6%, the UK by 2.8% and 1%, France by 2.2% and 1.4%, China by 4.5% and 5.3%, and Turkiye by 3.5% and 4%.

The report's only negative projection was of Russia, with minus 7% and minus 3% over the same period.

source: News Feed
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