Exports from emerging market and developing economies will grow at a year-on-year rate of 3.3% in 2022, projected the International Monetary Fund (IMF).
Previously, this group of nations recorded growth of 11.8% in 2021 and the IMF forecasts a 2.9% increase for 2023.
These new forecasts imply an increase of 0.1 percentage points for the 2022 rate and a decrease of 0.4 percentage points for the 2023 rate, with respect to the IMF forecasts released last July.
The group of emerging market and developing economies (156) includes all those not classified as advanced economies.
The regional breakdowns of emerging market and developing economies are: Emerging and Developing Asia; Emerging and Developing Europe (sometimes also referred to as “Central and Eastern Europe“); Latin America and the Caribbean; Middle East and Central Asia (comprising the regional subgroups Caucasus and Central Asia; and Middle East, North Africa, Afghanistan and Pakistan); and Sub-Saharan Africa.
Emerging market and developing economies are also classified according to analytical criteria reflecting the composition of export earnings and a distinction between net creditor and net debtor economies.
For their part, external sales of advanced economies will grow 4.2% in 2022, after increasing 8.7% in 2021.
The IMF also projects that exports of advanced economies will rise 2.5% in 2023.
Regarding adjustments compared to its forecasts of last July, the IMF increased the current year’s rate by 0.1 percentage points and reduced the corresponding rate for 2023 by 0.4 percentage points.
The IMF classifies 40 economies as advanced. The seven largest in terms of GDP by market exchange rates-the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada-constitute the subgroup of major advanced economies often referred to as the Group of Seven.
The members of the eurozone are also distinguished as a subgroup.
The war in Ukraine is having a global impact on food prices.
Despite the recent agreement on Black Sea grain exports, world food prices remain high, although they are expected to soften somewhat.
Overall, international inflation has risen, driven by further increases in consumer prices for energy and food, as the war has led to a broadening of inflationary pressures.