Quick Bites | Expectations of global growth are rising

The following chart from Goldman Sachs shows that expectations of economic growth in 2023 across many jurisdictions have risen quite solidly over the past 2 months.

Source: Goldman Sachs

While expectations for Australia have hardly changed, Russia’s economy has proven far more resilient than expected in the face of western sanctions. The Euro area has managed to dodge recession over its energy crisis, and positive surprises from the US economy, mainly in the form of a strong jobs market and confident consumers, keep it bubbling along.

At the other end of the spectrum, Turkey is feeling the pain of its horrendous earthquake a few weeks ago. Thailand, once one of Southeast Asia’s most dynamic economies, is struggling under the weight of an ageing population, a deteriorating education system, and low-yield rice farming. Thailand looks trapped as a middle-income country, unable to get rich, and stuck between a younger, more dynamic Vietnam and a larger Indonesia.

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