We may only be part-way through 2023, but the phrase that has overwhelmingly dominated conversations – from boardrooms to political chambers and Main Streets – has been the cost-of-living crisis. In recent years, the world has faced waves of challenges, from the pandemic to the invasion of Ukraine, to the unfolding bank liquidity challenges amidst skittish depositors.The impact of such a lengthy period of uncertainty is being felt by everyone and that’s reflected in KPMG’s latest Global Economic Outlook.

1. The global outlook: Treading cautiously amid risks
2. United States: A tale of two economies
3. Canada: Winding down to hit inflation target
4. Brazil: New policies could stoke inflation
5. Mexico: Policy headwinds make for muted growth
6. China: Domestic demand as the key for recovery
7. Japan: Recovery stifled by rising prices and global headwinds
8. India: Cautiously shining amid global uncertainty
9. Germany: Europe’s largest economy to escape recession
10. Austria: Mild recession, slow recovery
11. Switzerland: Testing the frontiers of resilience
12. France: Economic outlook clouded by inflationary pressures
13. Italy: Cautious optimism as outlook brightens
14. The Netherlands: Economy to remain resilient as fiscal deficit widens
15. Ireland: Continued growth, comes with caveats
16. UK: Short‐term momentum masks underlying headwinds
17. Central and Eastern Europe: Not a uniform story
18. South Africa: Lacking the power to grow
19. Nigeria: Challenging macroeconomic fundamentals in a transition period
20. Appendix: KPMG country forecasts