On China, S&P said the country’s economic recovery should remain muted through the first quarter of 2023 amid a largely unchanged Covid-19 stance and weak property sector. “Worries among potential homebuyers about the ability of property developers to deliver purchased apartments have sapped confidence and led to a ‘mortgage strike’ by homebuyers in parts of the country. Housing sales and starts have languished around 25 per cent and 45 per cent down on a year ago, respectively, for much of the third quarter”, the agency notes.
OECD in its economic outlook noted that global growth is projected to slow down from 3 per cent in 2022 to 2.25 per cent in 2023, well below the pace foreseen prior to the Russia-Ukraine war. “In 2023, real global incomes could be around $2.8 trillion lower than expected a year ago,” it said.
Moody’s in its report “Global Outlook: Global Economy on Edge” shared a similar outlook. “Global real GDP is forecast at 2.7 per cent in 2022, down from 4.2 per cent in our January forecast. GDP for 2023 has also been revised lower to 2.3 per cent from 3.6 per cent,” the agency noted.