The world's economy is seen expanding 3.2% this year but to grow at a slower 2.7% in 2023, down from 2.9% earlier predicted, the IMF World Economic Outlook for October showed. The institution cited high inflation, tightening financial conditions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic as main challenges while warning that "the worst is yet to come, and for many people, 2023 will feel like a recession". Also, the US, China, and the Euro Area are expected to continue to stall. On the price front, global inflation is forecasted to rise to 8.8% in 2022 but to decline to 6.5% in 2023 and to 4.1% by 2024.
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 January of 2023.