Macro & Credit Report

The global economy registered real GDP growth of 3.1% in 2022, according to OECD data, below the 4.4%
initially forecast due primarily to the effects of the war in Ukraine, especially the increases in commodity
prices and the tightening of monetary policy by central banks in response to inflation pressures. The global
economy is expected to continue to decelerate in 2023, with the OECD now projecting 2.7% growth for the
global economy (previously 2.6%). By country, the US is expected to register growth of 1.6%, almost double
that of the euro zone (0.9%), with China forecasted to deliver 5.4%.