Economic outlook

Anticipated development / %


2023 (Mar


2023 (Jul


World trade




GDP world




GDP Eurozone




GDP Germany




As of May 2023. Forecast for 2023 rounded to nearest half percentage point.
Source: Oxford Economics

The global economy is expected to grow moderately in 2023. Slowing global inflation and strong economic growth in Asia had a particularly positive impact. On the other hand, a slight decline in world trade is expected, mainly due to high inventory levels. In the European Economic Area, high inflation and higher interest rates in 2023 are having an even greater impact on economic development and only marginal growth is expected. In Germany, especially in the first half of 2023, development is being noticeably curbed by weak investments and private consumption. Stagnation is expected overall in 2023, with recovery effects likely to come at the end of 2023 at the earliest.

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