Global GDP grew by about 3% in 2023, defying expectations of a recession.
Why it matters
The unexpected economic resilience amidst geopolitical tensions and inflation concerns is significant as it defies earlier predictions and impacts global economic outlook.
What the papers say
The Times reports that inflation has fallen significantly in Britain and businesses are more optimistic about the global economy. The Economist highlights the unexpected 3% global GDP growth in 2023, defying earlier predictions of a recession. Business Insider UK notes that American CEOs are feeling more upbeat about the US economy for the first time in two years. Axios discusses the optimism of CEOs and consumers about the economy, and the potential impact on the 2024 presidential election. New York Times and AP News also report on the positive economic indicators and their potential impact on President Biden's approval ratings and re-election campaign.
How we got here
The global economy has shown unexpected resilience amidst geopolitical tensions and concerns about inflation. Economic indicators such as falling inflation, increased CEO and consumer optimism, and unexpected GDP growth in 2023 have defied earlier predictions of a recession.
More on these topics
Joseph Robinette Biden Jr. is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 and represented Delaware in the United States Senate
Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
China, officially the People's Republic of China, is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019.