The year may be still new but, based on the trend analysis and events unfolding, 10 predictions about the Global Economy for 2023 have been made by the Executive Chairman of AB & David Law Firm, David Ofosu-Dorte.
The likelihood that these predicted events will fall in place and happen has over 96% chance making them worth knowing for all individuals, businesses, workers, and politicians
In his view, the factors that would influence the happenings he foresees include global trends, (geopolitics, economics, and technology), and that government operations will be influenced by them.
1. The IMF’s aim of 2.7 percent average growth will be surpassed globally. It will improve, increase, and surpass three percent.
2. The US dollar won’t decline or sink any further. Its demand as a reserve currency has peaked and risen to its highest level.
3. China to be more involved in the new cold and economic “war”.
4. Europe will have weak growth and recession.
5. Xi Jinping, President of China, will receive a third nod.
6. The Middle East will undergo the emergence of a new Wall Street, with the Egyptian Pound perhaps becoming Africa’s first convertible currency.
7. Expect more African infrastructure deals. Such investments will be funded by the EU and other donors. Accra, Ghana will be named the new UNESCO book capital, There’ll be an increase in tourism in Africa. Consider the possibility of a coup. In the event of another coup in Africa, the Wagner group will be implicated.
8. With an average growth rate of more than 5.5 percent, the top 10 economies in Africa will be Niger, the Democratic Republic of the Congo, Côte d’Ivoire, Benin, Senegal, South Sudan, Rwanda, Togo, Uganda, and the Gambia.
9. Nigeria Elections: More like Bola Ahmed Tinubu, second round is a possibility and might completely alter the situation. The wild card is still Peter Obi. He believes that the Nigerian general election will go into a second round.
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10. General and wild cards: AI news will be widely available given ChatGPT. Microsoft Bing might challenge Google. Tesla will face serious danger. China is probably going to introduce a rival to ChatGPT.
For those who are yet to know about the famous ChatGPT, it is artificial intelligence that at the world in November 2022 and has seen become a game changer as it has the ability to do just anything including but not limited to creating content, helping in planning, strategizing, teaching, doing assignments for students among others. These are the basic features of the ChatGPT