Rosa & Roubini Associates Copyright 2017 – 2023

Disruptive Ideas

GLOBAL OUTLOOK 2023
A Year Of Stagflation: Growth Contraction and Still-Elevated Inflation, with Difficult Dilemmas for Central Banks

by Nouriel Roubini, Brunello Rosa and Nato Balavadze
23 December 2022

In this paper we discuss:

Key themes and risks for 2023: Stagflation ahead;
Economic activity: macroeconomic assessment and forecasts for growth, labour markets and inflation;
How policy inconsistencies will continue to emerge in 2023;
Why fiscal policy is likely to become more austere, while trying to provide support to economic activity;
Why Central Banks will be forced to "blink;" and
Market Implications for equities, bonds, currencies, alternatives and infrastructure spending.