Barclays forecasts contraction in fourth quarter for major economies

Barclays forecast a slowdown in global growth to 2.2% in 2023 versus 2.8% this year, and warned that it expects advanced economies to contract in Q4 with zero growth next year

Global growth is heading for an "increasingly synchronous downturn", economists at Barclays said on Thursday, citing a deepening energy crisis in Europe, continued lockdowns in China and tightening financing conditions across economies.
 

Barclays forecast a slowdown in global growth to 2.2% in 2023 versus 2.8% this year, and warned that it expects advanced economies to contract in the fourth quarter with zero growth next year. Global growth stood at 6.3% in 2021.
 

Central banks globally have been rapidly tightening monetary policies, on the heels of the Russia-Ukraine conflict that exacerbated supply-chain issues, to keep soaring inflation in check as economies