• 2023 is expected to remain a year of reduced growth in most countries, with the exception of China, who should benefit from the end of health restrictions.
  • Beyond the decline in inflation, linked to base effects, it should remain anchored at around 3%.
  • The end of labour market tensions is a prerequisite for a change in the course of monetary policy.
  • Reducing budget deficits will be difficult and is likely to encounter many pitfalls.
Written in January 2023.

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