ING global economic outlook 2023 December 2022 CPI Forecasts (pa) %YoY 4Q22F 1Q23F 2Q23F 3Q23F 4Q23F 2022F 2023F 2024F 2025F World (USD) 8.2 6.7 4.2 4.6 4.0 6.2 5.2 3.1 3.1 US 7.4 5.9 3.8 2.9 2.2 8.1 3.7 1.9 2.1 Japan 3.8 3.5 2.8 2.1 0.8 2.5 2.3 0.9 1.8 Germany 11.5 9.7 7.1 6.1 3.2 8.8 6.5 2.1 2.1 France 7.2 7.5 1.0 6.2 5.2 6.0 6.5 3.8 2.5 UK 10.9 10.3 7.7 6.2 3.9 9.1 7.1 2.1 1.9 Italy 12.5 10.5 8.1 5.3 1.8 8.7 6.4 2.1 2.1 Canada 7.0 5.6 3.0 2.5 2.2 6.9 3.3 1.9 2.2 Australia 6.9 5.6 4.8 3.5 3.4 6.4 4.3 2.8 2.4 Eurozone 10.2 8.4 6.4 4.9 3.7 8.4 6.0 2.3 2.0 Austria 11.0 9.3 7.2 4.5 3.3 8.5 6.1 2.1 2.0 Spain 6.9 6.2 5.2 4.3 3.4 8.5 4.8 2.3 2.1 Netherlands 13.6 7.3 6.9 3.6 1.8 11.8 4.8 4.2 0.6 Belgium Ireland 9.1 8.2 6.1 4.1 2.6 8.1 5.3 2.1 2.3 Greece 9.5 8.2 5.0 3.2 3.5 9.5 5.0 2.2 2.1 Portugal 9.8 7.7 5.9 4.3 2.8 7.8 5.2 2.9 2.0 Switzerland 3.0 2.9 2.6 2.6 2.2 2.8 2.4 1.5 1.5 Sweden 8.9 7.8 5.8 4.2 3.3 7.9 4.9 2.1 1.8 Norway 6.7 6.4 4.8 3.7 3.1 5.8 4.5 2.5 2.0 Bulgaria 16.7 14.1 9.9 8.8 8.3 15.2 10.2 6.4 3.2 Croatia 12.6 10.8 6.6 4.6 3.7 10.6 6.4 3.9 2.4 Czech Republic 15.5 11.3 9.5 7.1 8.5 15.0 10.2 5.5 2.0 Hungary 23.3 22.5 18.8 11.6 8.3 14.4 16.7 5.6 3.2 Poland 17.2 17.9 14.2 12.0 10.4 14.3 14.5 7.5 5.0 Romania 16.3 13.8 10.6 9.4 7.8 13.7 11.0 5.2 3.5 Turkey 68.0 47.4 38.0 38.6 40.0 68.0 40.0 20.0 15.0 Serbia 14.7 13.8 11.4 8.3 5.6 11.8 9.7 5.6 4.0 Russia 12.0 4.1 3.9 5.2 5.5 13.8 5.7 5.4 5.5 Kazakhstan 20.4 17.0 12.8 9.1 7.7 14.6 13.4 7.5 6.8 Azerbaijan 15.4 13.3 11.2 7.6 4.8 13.8 10.5 5.0 4.6 China 2.1 2.3 2.5 2.0 2.0 2.0 2.2 2.3 3.0 India 6.6 6.3 5 5.4 5.4 6.8 5.5 4.4 4 Indonesia 6.0 5.5 5.1 4.2 4.1 4.4 4.6 3.5 4.0 Korea 5.2 4.4 2.9 2.3 2.6 5.1 3.0 2.0 2.2 Philippines 7.5 7.2 5.6 4.9 3.9 5.7 5.4 3.9 4.0 Singapore 6.5 6.0 5.8 5.5 4.8 6.1 5.6 3.5 3.0 Taiwan 2.4 2.3 2.0 2.0 2.2 2.9 2.1 2.2 2.8 *Singapore core inflation Source: ING estimates Oil Forecasts (avg) ($/bbl) 4Q22F 1Q23F 2Q23F 3Q23F 4Q23F 2022F 2023F 2024F 2025F Brent 94.0 100.0 100.0 105.0 110.0 100.0 104.0 90.0 75.0 Source: ING estimates 45