ING global economic outlook 2023 December 2022 Our 3 calls for the global economy and energy prices Carsten Brzeski An overview of our current base case alongside potential upside and downside Global Head of Macro and Chief Economist, Eurozone, Germany, Austria scenarios of what could be next for the global economy [email protected] James Smith Economist, Developed Markets [email protected] With thanks to Cici Xia Shutterstock Energy and commodity prices have taken over from Covid lockdowns as a key driver for the global economy and inflation developments across the world. Needless to say that at the current juncture, all forecasts are surrounded by unprecedented uncertainty. Therefore, we're continuing with our tradition of stress testing assumptions and central forecasts. What follows is an overview of our base case alongside both upside and downside scenarios for growth, inflation and central bank policy.