KPMG Global Economic Outlook
A prospective outlook on the global economy.
December 2023
About KPMG's 2023 Global Economic Outlook
Our biannual Global Economic Outlook is produced by leading economists from KPMG member firms around the world. This year’s report looks at the economic prospects for 37 countries and economic areas in 2024 and 2025, including the potential for the world economy over the next two years.
The Global Economic Outlook 2023 reveals a significant uplift in global growth is unlikely in 2024 with no short-term end in sight to geopolitical uncertainty and tight monetary policies.
With global trade plateauing in recent years, driven in part by the pandemic, geopolitical tensions and rising protectionist measures, the KPMG report warns of potentially large output losses from geoeconomic fragmentation over the longer term. The report forecasts global GDP growth of 2.2% in 2024 – down from 2.6% in 2023, with a return to 2.6% growth anticipated in 2025.
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Insight
The Fed’s final round… Special biannual report
The economy will slow into the first half of 2024.
Insight
End of strikes buoys wages
Leisure and hospitality added 40,000 jobs, mostly in restaurants and bars.
Insight
The Fed is done!
The bias is now to cut rates sooner than later.
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