The Social and Economic Situation In G20 Countries: Ooutlooks are getting worse

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