Home Business Wells Fargo sees global growth slowing to 1.7% next year

Wells Fargo sees global growth slowing to 1.7% next year

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Wells Fargo sees global growth slowing to 1.7% next year

© Reuters. FILE PHOTO: The Wells Fargo name is shown on an office town in downtown Los Angeles, California, U.S. October 2, 20src8. REUTERS/Mike Blake

(Reuters) – Wells Fargo (NYSE:) is expecting the global economy to grow at a slower pace in 2023, joining other big American banks that have tempered their estimates this year and rekindled fears of a potential recession in the United States.

The bank expects the global economy to grow at src.7% in 2023, weaker than a 2.4% rise estimated for the current year, it said in a client note on Thursday.

Wells Fargo sees the U.S. economy slipping into a “modest” recession beginning in mid-2023 and expects it to end the year with annual growth of 0.2%, much slower than a 2% rise estimated for 2022.

Wells Fargo also expects annual U.S. headline inflation moderating to 3.8% in 2023 from 7.7% currently.

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