Nordea Economic Outlook: Under pressure
The war in Ukraine and new COVID-related shutdowns in China have dramatically worsened the outlook for the world economy this year. Against this background, we have downgraded the growth estimate for the world economy this year from 4.1% in January to now 3.3%. In 2023, we expect a further slowdown in global growth to 3.2%. Geopolitics, high inflation and new resistant COVID-19 variants pose the greatest risks to growth prospects, says Helge Pedersen, Nordea Group Chief Economist. The Nordic economies will also be affected by the war in Ukraine. However, they all benefit from having had