Global GDP growth in 2023 is projected at the lowest annual rate since the global financial crisis, with the exception of the 2020 pandemic period. Only a modest improvement is foreseen in 2023. Furthermore, medium-term growth prospects remain weak. Over the last two decades potential growth has been subdued in comparison to the period before the turn of the century, highlighting the critical role for, and need of, supply-boosting structural reforms. The current weakness of potential growth can partly be traced back to slower labour productivity growth, which in turn can be traced back to low investments and capital accumulation.