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State of the Economy 39

Table 8: Overview of the World Economic Outlook Projections

Year over Year
(Percent change, unless noted otherwise)

Country/Country groups Estimate Projections
2020 2021 2022 2023
World Output –3.1 5.9 4.4 3.8

Advanced Economies –4.5 5.0 3.9 2.6
United States –3.4 5.6 4.0 2.6
Euro Area –6.4 5.2 3.9 2.5
Germany –4.6 2.7 3.8 2.5
France –8.0 6.7 3.5 1.8
Italy –8.9 6.2 3.8 2.2
Spain –10.8 4.9 5.8 3.8
Japan –4.5 1.6 3.3 1.8
United Kingdom –9.4 7.2 4.7 2.3

Canada –5.2 4.7 4.1 2.8
Other Advanced Economies* –1.9 4.7 3.6 2.9
Emerging Market and –2.0 6.5 4.8 4.7
Developing Economies
Emerging and Developing Asia –0.9 7.2 5.9 5.8
China 2.3 8.1 4.8 5.2
India** –7.3 9.0 9.0 7.1
ASEAN*** –3.4 3.1 5.6 6.0
Emerging and Developing –1.8 6.5 3.5 2.9
Europe
Russia –2.7 4.5 2.8 2.1
Latin America and the Caribbean –6.9 6.8 2.4 2.6

Brazil –3.9 4.7 0.3 1.6
Mexico –8.2 5.3 2.8 2.7
Middle East and Central Asia –2.8 4.2 4.3 3.6
Saudi Arabia –4.1 2.9 4.8 2.8
Sub-Saharan Africa –1.7 4.0 3.7 4.0
Nigeria –1.8 3.0 2.7 2.7
South Africa –6.4 4.6 1.9 1.4

Source: IMF WEO, January 2022 Update
* Excludes the Group of Seven (Canada, France, Germany, Italy, Japan, United Kingdom, United States) and euro
area countries.
** For India, data and forecasts are presented on a fiscal year basis, with FY 2021/2022 starting in April 2021. For
the January 2022 WEO Update, India's growth projections are 8.7 per cent in 2022 and 6.6 percent in 2023 based
on calendar year. The impact of the Omicron variant is captured in the column for 2021 in the table.
*** Indonesia, Malaysia, Philippines, Thailand, Vietnam.