Citi Expects Global Growth To Slow Below 2% In 2023

• Citigroup on Wednesday, November 30, forecasted global growth to slow to below 2% next year, echoing similar projections by major financial institutions such as Goldman Sachs, Barclays, and J.P. Morgan.
• Strategists at the brokerage cited continued challenges from the COVID-19 pandemic and the Russia-Ukraine war — which skyrocketed inflation to decades-high levels and triggered aggressive policy tightening — as reasons behind the outlook.
• "We see global performance as likely being plagued by 'rolling' country-level recessions through the year ahead," said Citi strategists, led by Nathan Sheets.
• While the Wall Street investment bank expects the US economy to grow by 1.9% this year, it is seen more than halving to 0.7% in 2023.
• It expects, year-on-year, US inflation at 4.8% next year, with the U.S. Federal Reserve's terminal rate seen between 5.25% and 5.5%.

(Source: Reuters)