ING global economic outlook 2023 December 2022 GDP forecasts %YoY 4Q22F 1Q23F 2Q23F 3Q23F 4Q23F 2022F 2023F 2024F 2025F World (USD) 1.4 1.2 1.1 1.5 2.1 2.9 1.9 3.1 3.4 US 0.3 0.2 -0.1 -0.9 -0.7 1.9 -0.4 1.7 2.0 Japan 1.8 1.8 1.1 0.8 0.6 1.6 1.1 1.0 1.5 Germany 0.6 -1.3 -1.3 -1.8 -1.9 1.7 -1.5 0.5 1.8 France 0.1 0.0 -0.5 -0.5 0.0 2.5 -0.3 1.1 1.4 UK 0.2 -1.3 -1.8 -1.1 -0.6 0.2 -1.2 1.1 1.5 Italy 1.1 0.6 -0.2 -0.3 0.7 3.6 0.2 1.6 1.7 Canada 2.3 1.0 -0.3 -0.6 -0.6 3.3 -0.1 1.7 2.2 Australia 3.3 3.3 3.0 2.7 2.7 4.2 3.0 2.7 3.0 Eurozone 0.8 -0.5 -1.1 -1.1 0.0 3.1 -0.7 1.3 1.4 Austria 0.7 -1.4 -2.3 -1.6 1.5 4.7 -0.9 1.9 2.0 Spain 1.0 0.9 0.4 0.2 0.9 4.3 0.3 1.8 2.1 Netherlands 2.1 1.8 -0.2 0.6 1.7 4.2 0.9 2.1 1.8 Belgium 0.4 -0.5 -0.7 -0.5 0.2 2.4 -0.4 1.2 1.5 Ireland 9.1 2.8 1.2 1.0 1.2 9.4 1.5 1.8 2.3 Greece 2.2 -0.9 -1.6 0.0 1.7 5.5 -0.2 2.0 2.2 Portugal 1.6 -1.0 -0.8 0.0 1.0 5.9 -0.2 1.7 2.4 Switzerland 0.6 0.1 -0.1 0.0 0.5 2.0 0.1 1.2 1.4 Sweden 1.3 0.5 -0.5 -0.9 -0.1 3.1 -0.3 1.2 1.5 Norway 0.0 0.5 0.1 0.8 1.2 2.7 0.6 1.6 2.0 Bulgaria 1.5 0.8 0.8 1.8 2.6 3.0 1.6 3.3 3.0 Croatia 4.9 2.3 1.1 1.8 2.6 6.4 1.9 2.9 2.5 Czech Republic -0.4 -0.9 0.0 1.9 3.9 2.4 1.2 3.8 2.5 Hungary -0.2 -1.5 -2.0 1.5 3.7 4.5 0.4 3.4 3.5 Poland 0.0 -1.0 2.1 2.3 2.5 4.1 1.5 3.3 3.5 Romania 6.5 1.5 0.3 2.1 3.0 6.5 1.8 3.7 3.5 Turkey 1.3 -2.6 3.0 3.9 4.8 5.0 2.5 4.0 4.0 Serbia 0.2 1.3 1.6 3.9 3.5 2.3 2.9 3.9 3.7 Russia -13.0 -15.0 -8.0 -2.0 5.0 -5.0 -5.0 -2.0 0.0 Kazakhstan 3.0 3.5 4.0 4.1 4.1 2.8 3.8 3.5 3.0 Azerbaijan 2.5 2.5 2.8 3.2 3.4 4.8 3.0 2.5 2.5 China 4.2 4.0 7.0 5.1 5.2 3.3 5.3 5.1 5.5 India 2.5 6.5 -3.9 3 3.2 6.3 6.8 8 7.5 Indonesia 4.9 4.2 4.1 4.6 4.5 5.2 4.4 4.7 4.5 Korea 1.3 0.2 0.3 0.4 1.4 2.6 0.6 2.3 2.3 Philippines 3.2 3.1 4.2 4.8 4.9 5.9 4.4 5.0 5.2 Singapore 3.0 3.3 3.1 3.2 3.4 3.5 3.4 3.3 3.0 Taiwan 2.1 2.4 2.0 3.8 4.3 3.2 3.1 4.9 4.6 Source: ING estimates 44