Ed Jones | AFP | Getty ImagesEconomies in Asia-Pacific will dominate global growth in the upcoming year, according to S&P Global Market Intelligence.
S&P predicts the region will achieve real growth of roughly 3.5% in 2023, while Europe and the U.S. will likely face recession.
The firm trimmed its growth forecast for global real GDP by 0.6 percentage point from last month's forecast of 2% — and now expects to see 1.4% growth in 2023.
That's a steep decline from 5.9% global growth in 2021 and even slower than the 2.8% growth S&P expects for 2022.
"With moderate growth in Asia-Pacific, the Middle East, and Africa, the world economy can avoid a downturn, but growth will be minimal," said Sara Johnson, executive director of economic research, S&P Global Market Intelligence.