Annual Economic Report 2023

At its Annual General Meeting on Sunday 25 June 2023, the BIS released its Annual Economic Report and its Annual Report.

BIS Annual Economic Report  | 
25 June 2023


This year's Annual Economic Report explores the global economy's journey and the policy challenges involved. It is, in fact, an exploration of not one but three interwoven journeys: the journey that has taken the global economy to the current juncture; the journey that may lie ahead; and, in the background, the journey that the financial system could make as digitalisation opens up new vistas. 



I. Navigating the disinflation journey

Central banks will stay the course in the fight against inflation, with the last mile to price stability the hardest.


II. Monetary and fiscal policy: safeguarding stability and trust

Monetary and fiscal policy must operate within a "region of stability" to safeguard stability and trust.


III. Blueprint for the future monetary system: improving the old, enabling the new

A novel type of financial infrastructure could enhance the global financial system, combining tokenised money and assets on a programmable platform.