The IMF revised its global growth forecasts lower to 2.8% from 2.9% for 2023 and to 3% from 3.1% for 2024, citing tight policy stances needed to bring down inflation, the fallout from the recent deterioration in financial conditions, the ongoing war in Ukraine, and growing geoeconomic fragmentation. In its April World Economic Outlook report, the IMF also mentioned increased uncertainty from the recent financial sector turmoil. The US economy is forecasted to grow 1.6% in 2023, slightly higher than the 1.4% seen in January; China 5.2% (the same); India 5.9% (vs 6.1%); Japan 1.3% (vs 1.8%); and the Euro Area 0.8% (vs 0.7%). However, the GDP in Germany is expected to fall 0.1%, compared to early projections of a 0.1% rise and the British economy will likely shrink 0.3%, compared to a 0.6% drop seen in January. Meanwhile, global inflation is seen decreasing to 7% this year from 8.7% in 2022 on the back of lower commodity prices but core CPI is likely to decline more slowly.

Full Year GDP Growth in World averaged 3.47 percent from 1961 until 2021, reaching an all time high of 6.60 percent in 1964 and a record low of -3.30 percent in 2020. This page includes a chart with historical data for World Full Year GDP Growth. World Full Year GDP Growth - values, historical data and charts - was last updated on June of 2023.

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World Full Year GDP Growth

Related Last Previous Unit Reference
Full Year GDP Growth 7.20 9.10 percent Mar 2023
Full Year GDP Growth 3.00 8.10 percent Dec 2022
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Full Year GDP Growth 3.50 5.30 percent Dec 2022
Full Year GDP Growth 4.10 7.60 percent Dec 2022
Full Year GDP Growth 1.00 2.10 percent Dec 2022