Moody’s Investors Service has revised down the growth forecasts for G20 economies in 2022 and 2023, as the economic outlook worsens due to global financial conditions and commodity price shocks from Russia’s invasion of Ukraine.
The real gross domestic product forecasts for 2022 and 2023 have been cut from 3.1% and 2.9% to 2.5% and 2.1%, respectively. For G20 advanced economies, Moody’s forecasts growth of 2.1% in 2022 and 1.1% in 2023. For G20 emerging market economies, Moody’s expects growth of 3.3% in 2022 and 3.8% in 2023.
