Global economy
Development of important macroeconomic indicators compared with the previous year / % | 2023 | 2022 | 2021 |
World trade (in real terms) | |||
Trade in goods | –1.0 | +4.5 | +12.1 |
GDP | |||
World | +2.7 | +3.1 | +6.3 |
USA | +2.5 | +1.9 | +5.8 |
China | +5.2 | +3.0 | +8.5 |
Japan | +2.0 | +0.9 | +2.6 |
Europe | +0.8 | +3.3 | +6.5 |
Eurozone | +0.5 | +3.4 | +5.9 |
Germany | –0.2 | +1.9 | +3.1 |
The data for 2021 to 2023, adjusted for price and calendar effects, are based on information and estimates available as of January 2024.
Source: Oxford Economics
Uncertainties in global value-added chains and weak investment demand had a negative impact on the global economy, in particular on freight trade in 2023. Although global gross domestic product (GDP) recorded solid growth, due in part to robust development in the USA and China, this growth was lower than in the previous year. The revival of the Chinese economy that started in the spring following the zero-Covid policy was weaker than expected in terms of its impact on the global economy, while economic development in the USA proved to be surprisingly resilient despite a restrictive monetary policy by the US Federal Reserve.
World trade decreased in 2023. While container handling grew in Chinese ports, many ports in America and Europe recorded stagnant or falling volumes. The reversal of growth still expected at the start of the year can be explained in particular by the weak global economic environment. Structural changes in global production and supply chains are having a dampening effect on the growth of trade as well as the global economy in the medium term.
