The Social and Economic Situation In G20 Countries: Outlooks are Getting Worse

Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2022, No. 10., pp. 3-10

8 Pages Posted: 22 Mar 2023

See all articles by Urmat Dzhunkeev

Urmat Dzhunkeev

Lomonosov Moscow State University

Yury Perevyshin

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Department of Economics

Pavel Trunin

Gaidar Institute for Economic Policy

Maria Chembulatova

Gaidar Institute for Economic Policy

Date Written: November 2, 2022

Abstract

Global economic growth rates keep slowing down with economic outlooks getting worse. In August, Moody’s lowered projections of G20’s growth rates to 2.5% in 2022. By Moody’s estimates, the eurozone will be facing recession in 2023. The factors affecting the economic situation include an energy price shock, tightening of the monetary policy in developed countries, as well as a slowdown of China’s growth rates. In August, nine out of 15 central banks of G20 countries which target inflation held meetings on the monetary policy; the monetary regulators in the UK, South Korea, Brazil, Indonesia, Mexico, Australia and India raised interest rates, while Turkey and China cut them.

Keywords: Global economy, G20

JEL Classification: O52, P67, E61, F51, H53

Suggested Citation

Dzhunkeev, Urmat and Perevyshin, Yury and Trunin, Pavel and Chembulatova, Maria, The Social and Economic Situation In G20 Countries: Outlooks are Getting Worse (November 2, 2022). Monitoring of Russia's Economic Outlook. Trends and Challenges of Socio-Economic Development. Moscow. IEP. 2022, No. 10., pp. 3-10, Available at SSRN: https://ssrn.com/abstract=4265878 or http://dx.doi.org/10.2139/ssrn.4265878

Urmat Dzhunkeev

Lomonosov Moscow State University ( email )

GSP-2, Leninskie Gory
Moscow, 119992
Russia

Yury Perevyshin

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Department of Economics ( email )

Russia

Pavel Trunin (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Maria Chembulatova

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

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