Will high inflation go away in 2023? Here's country-wise predictions
According to IMF, there are 40 countries, including the UK with the highest forecasted inflation rates in 2023
Since Russia invaded Ukraine in February 2022, talks of global recession have dominated the outlook for this year. High inflation, spurred by rising energy costs, has tested GDP growth. The International Monetary Fund (IMF) has made a projection that inflation is heading as the world is facing a macroeconomic drop. The IMF said inflation is expected to be impacted by slower demand, rising wages, and a weaker US dollar. The IMF has projected a 6.6% global inflation rate for 2023 and 4.4% for 2024 in its latest announcement.
In 2022, food and energy prices accounted for much of the inflation. But IMF's World Economic Outlook highlighted that core inflation, which excludes food, energy, housing prices, and transport, is a major driving factor in high inflation rates around the world.
Besides, the Russia-Ukraine conflict and the lingering effect of the Covid-19 pandemic are also at play in the 2023 inflation forecast.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!