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The Big Picture – Recession with Different Undercurrents


  • Various shocks challenge the global economy, with different undercurrents driving the economic outlook across regions.
  • The euro area and the US are headed for recession, while the Chinese growth engine is sputtering. However, the outlook starts to brighten in 2024, once China leaves its zero-Covid behind and the US economy exits from its downturn.
  • Inflation pressures will slowly recede, allowing central banks to gradually exit their tightening mode and rate cuts could return to top the central bank agenda in early 2024.
  • Risks primarily stem from renewed geopolitical tensions, energy shocks and a return of the pandemic through new variants.

Full report in PDF.

Danske Bank
Danske Bank
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