The Middle East & Africa's (MEA) growth prospects for 20 have also been raised by 250 and 100 basis points, respectively. Of course, because the situation is ever evolving, its actual impact to the EU economy may be more severe than expected.
Based on IDC's March assumptions about the crisis, which assumed a more neutral scenario (limited military escalation and disruption to the global supply chain), IDC believes that the crisis will dampen Western Europe's mid-term market growth but will be offset by other drivers. This was partially offset by the Ukraine/Russia conflict. Inflation also contributed to nominal growth, although to a smaller degree. IDC continues to see EU-funded investments driving services spending. The improved outlook is largely due to the EU's revised 2022 GDP outlook at the end of the end of 2021 (prior to the Ukraine/Russian crisis). Western Europe's near-term growth forecast has been adjusted up: IDC now forecasts the region to grow by more than 6% in 2022, up by 280 basis points from our last forecast. Russian and Ukraine markets will shrink significantly this year. We expect the CEE services market to grow only by 5.5% and 7.3% in 20, respectively, down from our previous forecast of 9-10% growth. IDC has reduced the Central & Eastern Europe (CEE) forecast significantly due to the conflict in the Ukraine. While Europe is the most impacted region by the ongoing Ukraine/Russia conflict, we remain sanguine on the region. Our 2022 growth forecast for EMEA (Europe, Middle East, and Africa) was raised by more than 220 basis points. growth prospect remains largely unchanged. The improved economic outlook and vendors' strong bookings and pipelines in the world's largest services market partially drove this upward change, while the rest can be attributed to our inflation impact assumptions, especially in project-oriented markets. The adjustments were made across all markets. market has also been also adjusted up by 160 and 80 basis points for 20, respectively. Latin America's near-term growth outlook is further lifted by the commodity price rally since March. Both regions will continue to see recovery well into 20. Our mid- to long-term growth prospects for Canada and Latin America improved marginally. IDC believes that the trend will continue in the short-term: 20 growth rates were adjusted up by 150 and 100 basis points, or around 4% year-over-year growth for the next five years. The Americas services market is forecast to grow by 5.3% in 2022, up 150 basis points from the October 2021 forecast (in constant currency.) This is attributed to a faster economic rebound and the impact of inflation. IDC believes that the market will continue to expand throughout the next few years at a rate of 4-5%, representing an overall increase of 40 to 80 basis points each year, pushing the market's long-term growth rate to 4.6%, up slightly from the previous forecast of 4.3%. The improved market view reflects robust 2021 bookings and pipelines by several large services providers, an improved economic outlook (compared to the previous forecast cycle), and inflationary impact on the services market, offset slightly by the negative impact of the Ukraine/Russia conflict. The 2022 market growth represents an increase of 160 basis points from IDC's October 2021 forecast. In nominal dollar denominated revenue based on today's exchange rate, the market will grow by 4.2% year over year, due to FX fluctuation. Ap– Worldwide IT and business services revenue is expected to grow by 5.6% (in constant currency) in 2022, according to the International Data Corporation ( IDC) Worldwide Semiannual Services Tracker.
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