S&P Global has revised its global economic growth forecast for 2023, raising it to 2.9% from the previous projection of 2.7%.
"The ongoing demand resilience in many economies has led us to push out and temper the necessary growth slowdown," the agency said Wednesday in its report. "We have generally raised our annual growth forecasts in 2023 and lowered them in 2024."
The agency's global economic growth estimate for 2024, however, was revised down to 2.9%, from its previous expectation of 3%.
The 2023 growth forecast for the American economy was revised up to 1.7%, from 0.7%.
"We have raised our U.S. growth forecast by a full percentage point this year given the strong first half; we see U.S. growth slowing to below 1% in the second half of the year and avoiding a recession," the report said.
"The eurozone is a bit of the opposite story, currently experiencing stagflation (low growth but strong employment and wages) but likely to return to modest, positive growth in the second half of the year before slowing more sharply," it added.
Eurozone economy is now expected to grow 0.6% this year, up from the previous estimate of 0.3%.
"We see the United Kingdom's GDP as flat this year and have marked down 2024 given higher-than-expected rates and tighter monetary conditions," said the report.
China's economy is projected to expand 5.2% this year, down from the previous expectation of 5.5%, AA reports.
