Economic growth

Links between innovation, productivity, and economic growth

In this McKinsey Explainers, we define what economic growth is and explore how GDP (Gross Domestic Product) and economic output shape the world around us.

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Global economy is forecast to slowdown in the coming months, with a 2023 growth forecast at 2.7 per cent and a decreased 2024 forecast at 2.9 per cent. The US is expected to fall into recession in late 2023, while Europe's growth remains sluggish. On the bright side, India’s economy is robust with strong demand, and the ASEAN region maintains healthy growth.

Asia is likely to accelerate its pace of economic growth, continue to advance regional production, trade, investment and financial integration and cohesion, and seize ‘Asian moment’ for global economic governance this year, said the Boao Forum for Asia. It estimates Asia’s 2023 weighted real GDP growth rate to be 4.5 per cent, up from 2022’s 4.2 per cent.

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