Daily Management Review

IEA downgrades global energy consumption growth forecast for 2023


The International Energy Agency forecasts that the rate of growth of global energy consumption will be higher in 2024.

The International Energy Agency (IEA) has lowered its forecast for growth in world electricity demand to 1.9% from a previous prediction of 2.6%, as shown in the organization’s report.

"In 2023, growth in the world's need for electricity is anticipated to slow. Our prior growth prediction of 2.6% has been reduced to 1.9%, which is weaker than the 2.4% average annual growth for the 2015-2019 timeframe," according to the analysts.

The IEA forecasts that if the economic outlook improves, global energy consumption will expand faster in 2024, possibly reaching 3.3%. As a result, the large drop in demand in established economies will contrast with the expansion experienced in China and India, the two emerging economies.

source: iea.org