Persistent inflation, banking turmoil cloud global economic outlook

March 28, 2023, Opinion: "Economic growth in the United States and Europe in 2023 and 2024 is projected to be below trend, according to analysis presented at the Spring 2023 Peterson Institute for International Economics' Global Economic Prospects.  Demand and output have been more resilient than anticipated, and inflation—although seeming to have peaked in many countries—remains high. As a result, the Federal Reserve and many other central banks will continue to maintain tight financial conditions. In addition, the potential for further turmoil in the banking system increases negative tail risk for economic activity."