In our latest Global Economic Outlook, we look at prospects for the global economy and some of the largest countries in 2022 and 2023. As the global economy was gradually putting the worst effects of the pandemic behind, the conflict between the Russian government and Ukraine brought new challenges.

Businesses across the globe are facing increased inflationary pressures, as well as renewed disruptions to trade and production, while central banks are changing their policy stance.

In our April report, we consider the impact of the ongoing conflict in Ukraine, as well as a range of localised issues on the economic outlook, and examine three potential scenarios of the Russia-Ukraine conflict and their impact on global economic growth and inflation.

The bi-annual report provides economic forecasts and analysis from KPMG’s global team of economists in territories and regions throughout the world. The report will help businesses understand and prepare for the upcoming economic challenges and opportunities.

UK Economic Outlook

GDP
-9.3%
2020
7.4%
2021
3.9%
2022
1.1%
2023
Inflation rate
0.9%
 
2020
2.6%
 
2021
7.9%
 
2022
4.1%
 
2023
Unemployment rate
4.5%
2020
4.5%
2021
3.9%
2022
4.3%
2023