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���������ֳ� has lowered its medium-term GDP projections over the next five years for the 10 developed economies (the DM10) covered in the Global Economic Outlook (GEO). Large adverse economic shocks in recent years from Covid-19 pandemic disruptions and the European gas crisis are expected to have a lasting negative impact on supply-side productive potential. This will partly be reflected through slower capital accumulation, reducing capital deepening and labour productivity growth. There is also likely to be a sustained fall in labour force participation rates – relative to pre-pandemic trends – in the US and the UK. Net immigration also fell sharply in the pandemic in several DM10 countries but the strength of the recovery in 2022 suggests net immigration should return to its pre-pandemic path. Frictions in reallocating resources in the face of rapid shifts in relative demand could also weigh on productivity, as will the impact of higher energy prices in Europe.