The May 2023 Chief Economists Outlook is published amid continuing uncertainty in the global economy. There are signs of nascent optimism, and the growth outlook has picked up across all regions. However, policy-makers, businesses and households continue to face headwinds, including persistent inflationary pressures and tighter financial conditions. According to a significant majority of the chief economists surveyed, recent turbulence in the financial sector is not a sign of systemic vulnerability, but further disruption is considered likely this year.
This series of reports draws on the individual and collective perspectives of a group of leading chief economists through consultations with the World Economic Forum’s Chief Economists Community and a regular Chief Economists Survey. This latest edition of the Chief Economists Outlook explores the key trends in the economic environment, including the prospects for growth, inflation and monetary policy. It considers the implications of recent bank failures and takes stock of broader economic trends, such as the growing prevalence of proactive industrial policy and the restructuring of global supply chains.
Industrial policy has officially made a comeback, chief economists say
In the summer of 2022, US President Joe Biden signed into law the CHIPS and Science Act, which injected over $52 billion into American semiconductor manufacturing. The legislation marked ...
What are the most significant economic impacts of higher interest rates? Chief economists explain
In 2022, as inflation spiralled upwards around the world, central banks began a cycle of interest rate hikes in an effort to lower prices.
Do the recent banking disruptions make recession more likely? Chief economists explain
In March 2023, global financial markets were rattled by significant banking crises around the world.