Global Economy to Grow by 3% in 2023 According to World Economic Outlook Report
The latest World Economic Outlook (WEO) Report has projected a 3% growth rate for the global economy in 2023, with a slightly lower growth of 2.9% expected in 2024. While these figures are higher than previous forecasts, they still fall short of the 3.5% growth rate recorded in 2022. The report pointed to ongoing impacts from the pandemic, Russia’s invasion of Ukraine, and the cost-of-living crisis as contributing factors to the lower growth projections.
The WEO report also delved into the economic performance of different global regions, with a particular focus on sectors such as tourism. Economies with significant travel and tourism sectors were found to exhibit strong economic resilience and robust levels of economic activity. Countries where tourism contributes a high percentage of GDP experienced faster recovery from the pandemic compared to economies where tourism is not a significant sector.
The report’s foreword highlighted the strong demand for services, particularly in service-oriented economies such as France and Spain, which are popular tourism destinations.
The International Monetary Fund’s (IMF) latest outlook aligns with the analysis of global and regional tourism prospects by the UN World Tourism Organization (UNWTO). The upcoming November 2023 World Tourism Barometer is expected to show international tourism reaching 80 to 95% of pre-pandemic levels in 2023. The period from September to December 2023 is also anticipated to see continued recovery, driven by pent-up demand and increased air connectivity, particularly in Asia and the Pacific.
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