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Outlook Evolving Largely as Expected: Scotiabank’s Forecast Tables
There are few changes to the outlook relative to our last publication. Most of the changes reflect the fact that incoming data for industrialized countries has been somewhat more positive than expected in recent weeks, leading to minor upward revisions to 2022 forecasts. In some cases, growth dynamics imply that some of this strength has led to small increases to 2023 forecasts. The general narrative remains the same as earlier articulated, the global economy is expected to slow rapidly owing to the combined impacts of still-elevated commodity prices for commodity importers, the deterioration in purchasing power from ... (full story)