Chief Economists Outlook

The January 2023 Chief Economists Outlook reports a gloomy global economic forecast, with nearly two-thirds of surveyed economists viewing a global recession as likely. While inflation is expected to moderate slowly, significant regional divergences exist, particularly in Europe and the US where growth expectations are starkly weak. The document highlights a peaking cost-of-living crisis and an energy emergency where energy efficiency and diversification are seen as primary long-term solutions. Businesses are expected to adopt defensive postures, including cutting operational expenses, laying off workers, and postponing investments to navigate weak demand and high borrowing costs.

• A global recession is viewed as likely by nearly two-thirds of surveyed chief economists for 2023, with 18% considering it 'extremely likely', a figure more than double that of the September 2022 survey.
• Economic growth expectations for 2023 are particularly bleak in Europe and the US, with 100% of respondents expecting weak or very weak growth in Europe and 91% expecting the same for the US.
• Inflation is expected to vary by region in 2023; while no regions are predicted to have 'very high' inflation, expectations of 'high' inflation range from 57% in Europe to 5% in China.
• The cost of living crisis may be nearing its peak, with 68% of respondents expecting it to be less severe by the end of 2023, although food and energy costs are still expected to adversely impact households in both high- and low-income countries.
• Regarding long-term energy security for net-importing economies, improving energy efficiency is considered the most effective strategy, followed by the diversification of energy import sources (viewed as effective by 90%).
• Multinational businesses are expected to employ defensive strategies in 2023, including cutting operational expenses (86%), laying off workers (78%), and postponing investments to save money (73%).

APA

World Economic Forum (2023). Chief Economists Outlook. https://www3.weforum.org/docs/WEF_Chief_Economists_Outlook_2023.pdf

Chicago

World Economic Forum. Chief Economists Outlook. 2023. https://www3.weforum.org/docs/WEF_Chief_Economists_Outlook_2023.pdf.

Wikipedia

{{cite report |author=World Economic Forum |title=Chief Economists Outlook |date=January 2023 |url=https://www3.weforum.org/docs/WEF_Chief_Economists_Outlook_2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{worldeconomicforum2023chief, author = {{World Economic Forum}}, title = {{Chief Economists Outlook}}, institution = {World Economic Forum}, year = {2023}, month = jan, url = {https://www3.weforum.org/docs/WEF_Chief_Economists_Outlook_2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }