Global economy
Development of important macroeconomic indicators compared with the previous year / % | 2022 | 2021 | 2020 |
Global trade (in real terms) | |||
Trade in goods | +4.5 | +11.9 | –5.7 |
GDP | |||
World | +3.1 | +6.1 | –3.3 |
USA | +2.1 | +5.9 | –2.8 |
China | +3.0 | +8.1 | +2.2 |
Japan | +1.3 | +2.2 | –4.3 |
Europe | +3.3 | +5.9 | –5.8 |
Eurozone | +3.5 | +5.3 | –6.3 |
Germany | +1.9 | +2.6 | –4.1 |
The data for 2020 to 2022, adjusted for price and calendar effects, are based on information and estimates available as of February 2023.
Source: Oxford Economics
Despite numerous negative factors, the global economy recorded slight growth in 2022. This was supported in particular by catch-up effects. Nevertheless, global growth in trade and economic output was significantly weaker than expected, as the combination of the war in Ukraine, sharply increased prices and regional lockdowns in China, with restrictions on global value chains, had a negative impact on global development. In addition to Russia and Ukraine, industrialized countries in particular have been hit hardest. In developing countries, the slump is not so significant due to the lower share of industrial production.
The industrial sector was particularly affected by the effects of high energy and purchase prices and disrupted supply chains. As a result, industrial production developed significantly worse in the second half of the year. Due to high inflation, the central banks have already responded with significant interest rate hikes. The service sector had a supportive effect, particularly in the form of an increase in tourism, which once again increased significantly and stabilized noticeably.
