Economists Expect High Inflation Worldwide
Economic experts from around the world expect inflation rates to remain high in the years ahead, finds the Economic Experts Survey, a quarterly survey conducted by the ifo Institute and the Swiss Economic Policy Institute. According to this survey, the inflation rate worldwide will reach 7.0% this year, then 6.0% next year, and 4.9% in 2026. “The expectations for 2023 and the next few years are virtually identical to those of the survey carried out in the first quarter,” says ifo researcher Niklas Potrafke. “We’ll have to brace ourselves for high inflation rates.”
Participants in the US expect inflation in 2023 to reach 4.6%, in the UK 7.6%, in Ireland 5,5 and in Canada 4.4%. For Germany its 5.8%. Inflation expectations for 2023 are well below the worldwide average in Western Europe (4.9%), North America (4.5%), and Southeast Asia (4.8%). These figures have gone down since the previous quarter’s survey by 0.4, 0.5, and 0.3 percentage points respectively.
Among the regions with particularly high inflation rates are South America (23.3%) and large parts of Africa. Conducted in late June and early July, the survey had 1,405 participants from 133 countries.
