The International Monetary Fund (IMF) in its October 2022 World Economic Outlook forecasted global growth to slow from 6 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023.
This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the Covid-19 pandemic. “Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades,” it reads.
Pierre-Olivier Gourinchas, economic counsellor, IMF, wrote in the forward of the outlook, “As storm clouds gather, policymakers need to keep a steady hand. The global economy continues to face steep challenges, shaped by the lingering effects of three powerful forces: the Russian invasion of Ukraine, a cost-of-living crisis caused by persistent and broadening inflation pressures, and the slowdown in China.”
Clearly, the world is entering a period of uncertainty and these indicators point towards a difficult period in the air cargo market as well.
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