In their latest forecast report, economists at Citigroup raised their outlook for global growth slightly while revising up their estimates for the US Federal Reserve (Fed) rate hikes.

Key quotes

“See 2023 global growth slowing to 2.2% vs 1.9% estimated earlier.”

“Expect US Fed to raise interest rates thrice in 2023, taking the funds rate into the 5% range.”

“Expect a “less hard” landing for the global economy in 2023.”