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  "documentTitle": "Global Economics Intelligence Apr 2023",
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      "text": "Inflation remains high while trending down; IMF lowered global growth projections to 2.8% for 2023; US banking sector challenges persist; output indicators in services stay strong.",
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      "text": "Inflation remains high while trending down; IMF lowered global growth projections to 2.8% for 2023; US banking sector challenges persist; output indicators in services stay strong. Inflation continues to moderate in multiple regions and countries but remains high, and central banks look set to maintain a path of interest rate interventions. However, interest rates and sentiment are weighing on growth projections, albeit that the picture is somewhat patchy, with growth in some emerging economies such as China and India outpacing developed economies. In the developed economies, the US saw the Fed revise down its latest economic growth projections for 2023 and 2024 to 0.4% and 1.2% respectively. In Europe, the IMF has reconfirmed previous projections for 2022’s growth rate at 3.5% but revised up its 2023 outlook by 0.1 percentage point, a less optimistic view (0.2 p.p. lower) than the ECB’s March figures. Interest rate rises have also resulted in volatility in the banking sector. Rising rates have seen existing holdings of government bonds fall in value, leaving smaller banks especially vulnerable as the value of their assets drops, potentially generating losses when they have to sell these securities. In March, swift action by banking authorities and the wider banking sector prevented potential contagion across the global banking system following the collapse of Silicon Valley Bank and Signature Bank in the US, and the distressed sale of Credit Suisse in Europe. However, ratings agencies also downgraded the credit rating of a third medium-sized bank, San Francisco-based First Republic, citing a surfeit of uninsured deposits.",
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      "text": "Source: International Monetary Fund’s World Economic Outlook from October 2022, McKinsey’s Global Economics Intelligence analysis",
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