Economic Trends

In 2023, global economic growth slowed further versus the year before. This was partly due to ongoing and new geopolitical conflicts. Although inflation rates weakened toward year-end, they remained at a high level throughout the year. The gradual rise in interest rates weighed on investor confidence and caused uncertainty on the consumer side. According to the International Monetary Fund (IMF), gross domestic product (GDP) rose worldwide by 3.1 percent, falling short of the growth seen in 2022. GDP trends were markedly better in emerging economies than in industrialized nations. Growth in Europe, according to the Organisation for Economic Co-operation and Development (OECD), was much slower than in North America and Asia. In China, business picked up noticeably after zero-Covid measures were lifted. The continued high energy costs dampened growth in multiple economies, especially in Europe.