Stuart Bergman

Vice-President and Chief Economist
Export Development Canada


Inflation pulls back, growth underwhelms

While central banks around the world have taken drastic measures to tame prices through rate increases, these actions are weighing heavily on global economic growth. This weakness is expected to continue until rate cuts begin later next year and work their way through the economy.

EDC Economics expects the global economy to grow by just 2.9% in 2023 and 2.7% next year. With a slowing labour market and debt burdens stifling demand, Canada’s growth forecast sits at just 1.3% this year and dropping to 0.6% in 2024. We expect growth to slow in the United States to 2% in 2023 and just 0.6% in 2024. As Europe struggles to avoid stagnation, we expect growth to bottom out at 0.7% this year, before settling at 1.1% in 2024.

Export Development Canada’s 2023 Global Economic Outlook is a must-read, packed with valuable information, as well as insights on the world’s key economies, interest rates, commodity prices and exchange rates. Click below to read the full report.

Forecast table of GDP growth rates for select countries and regions


Forecast table of interest rates, exchange rates and U.S. housing starts


Forecast table of prices for oil, natural gas, gold and copper


Globe rests on a table

Geopolitical economic impacts

Key economic indicators will show how geopolitical tensions, as well as supply chain issues, have impacted the global economy and the outlook for 2023 and beyond.


Businessman prepares to cross street in busy downtown

Interest and exchange rates

Take a look at key interest and exchange rates for Canada, Europe and the United States.


Sun sets over oil rig

Commodity prices

Find out how commodities, like oil, natural gas, copper and gold, are performing globally.



Continue reading the Global Economic Outlook for more key insights.



Date modified: 2023-10-11