Global economic outlook challenging in ‘shock-prone’ 2023, but China reopening offers hope: forum

[HONG KONG] The global economic outlook remains challenging in the first half of the year, which is more “shock prone” now, but China’s reopening could provide relief from the second quarter, senior bankers and economists said on the first day of the Asian Financial Forum (AFF) 2023 in Hong Kong on Wednesday (Jan 11).

The United States and the euro zone, in particular, are headed for a recession in the first half of the year, although the US is likely to experience a shallower downturn than Europe, said the participants in a panel discussion on the global economic outlook.

This is because many of the negative drivers from last year are still in place, said Jose Vinals, group chairman of Standard Chartered.