What is the GDP for 2023?
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Real gross domestic product (GDP) is GDP given in constant prices and refers to the volume level of GDP. Constant price estimates of GDP are obtained by expressing values of all goods and services produced in a given year, expressed in terms of a base period. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is measured in growth rates compared to previous year. Show
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Definition of Real GDP forecastReal gross domestic product (GDP) is GDP given in constant prices and refers to the volume level of GDP. Constant price estimates of GDP are obtained by expressing values of all goods and services produced in a given year, expressed in terms of a base period. Forecast is based on an assessment of the economic climate in individual countries and the world economy, using a combination of model-based analyses and expert judgement. This indicator is measured in growth rates compared to previous year. CitationPlease cite this indicator as follows: Source databaseFurther indicators related to GDP and spendingFurther publications related to GDP and spendingThe Conference Board Economic Forecast for the US EconomyNovember 09, 2022 | Publication The Conference Board forecasts that economic weakness will intensify and spread more broadly throughout the US economy over the coming months with a recession to begin around the end of 2022. This outlook is associated with persistent inflation and rising hawkishness by the Federal Reserve. We forecast that 2022 Real GDP growth will come in at 1.8 percent year-over-year and 2023 growth will slow to zero percent year-over-year. While the US economy did not slip into recession earlier this year, despite several negative GDP prints, we believe that a broad downturn is now underway. Nevertheless, due to better than expected economic growth in Q3 2022, we upgraded our forecast for Q4 2022 from -0.8 percent to -0.5 percent. Meanwhile, recent guidance from the Federal Reserve on the interest rate trajectory heading into 2023 led us to downgrade our forecast for 2023. We now expect the recession to extend into Q2 2023 and the rebound in H2 2023 to be less pronounced. Soft economic growth seen over the course of much of 2022, coupled with persistently high inflation readings, are consistent with a stagflationary environment. While easing supply-side constraints and a more hawkish monetary policy should help cool inflation over the coming quarters, rising interest rates will tip the US economy into a broad-based recession. This contraction will impact extremely tight labor markets and drive the unemployment rate higher. Still we anticipate the jobless rate may peak at 4.5 percent, which by historical standards is quite low. This expectation reflects severe labor shortages that may continue despite the downturn. We expect the recession to last three quarters and that inflation will remain above the Fed’s 2-percent target until at least 2024. This period will also exhibit stagflationary characteristics – though not as severe as those seen presently. //
What will GDP be in 2023?After finishing 2021 with real GDP growth of 5.6 percent (on a fourth- quarter-over-fourth-quarter basis), real GDP is projected to increase 3.8 percent in 2022 and 2.5 percent in 2023. Real GDP growth is then expected to average 2.0 percent between 2024-2028, and 2.3 percent during 2029-2032.
Will economy improve in 2023?As a function of inflation, the Federal Reserve has rapidly tightened monetary policy and will continue to raise rates into early 2023. Following our expectation of near-zero growth in 2023, we expect US real GDP growth to recover in 2024.
What will be India's GDP in 2023?For 2023, it has pegged the GDP growth at 5.9% compared to projected expansion of 6.9% in 2022. Mumbai: Wall Street brokerage Goldman Sachs on Wednesday said the Indian economy is projected to grow 5.9% in 2023, lower than 6.9% growth estimated this year.
Will 2023 be a recession year?The U.S. will probably stick a soft landing next year: the world's largest economy is forecast to narrowly avoid a recession as inflation fades and unemployment nudges up slightly, according to Goldman Sachs Research.
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