Wells Fargo predicts global economic slowdown in 2023
2022.12.08 10:14
Wells Fargo predicts global economic slowdown in 2023
Budrigannews.com – (NYSE) Wells Fargo is joining other big American banks that have tempered their estimates this year and rekindled fears of a possible recession in the United States in predicting that the global economy will grow at a slower pace in 2023.
In a client note on Thursday, the bank stated that it anticipates a growth rate of 1.7% for the global economy in 2023, which is lower than the 2.4% increase anticipated for the current year.
Wells Fargo predicts that the U.S. economy will enter a “modest” recession in the middle of 2023 and will end the year with annual growth of 0.2 percent, which is much slower than the 2% increase that was predicted for 2022.
In addition, Wells Fargo anticipates that annual headline inflation in the United States will moderate to 3.8% in 2023, down from 7.7% at the moment.
