The drop in gas prices, the decline in headline inflation and the improvement of survey data in December are giving the impression that for the Eurozone, 2023 might be better than expected. 

In March, economic conditions in the major OECD economies remained favorable to limited expansion. In Europe, we are still seeing catch-up effects in energy-intensive sectors ...

The latest economic data paint a mixed picture. In both the Eurozone and the US, the signal from most confidence surveys in December is encouraging. But it is still too early to conclude to a bottoming out. 

Given the current uncertainties and the deterioration in the business climate, we expect negative GDP figures in Europe for the rest of the year. As a result, we are expecting a significant slowdown of the economy, ...

The global economy has proved resilient in the face of strong economic headwinds.
We expect global GDP to grow by 2.9% p.a. in 2024 and 2025.

We expect global GDP to grow by 2.9% y/y in 2024 and 2.8% y/y 2025. However, the balance in global growth is shifting.