Sun. Sep 24th, 2023
OECD boosts world progress forecast for 2023, trims 2024 projection

The OECD has forecasted {that a} stronger-than-expected US financial system will assist to mitigate a world slowdown this yr. Nevertheless, it warned {that a} weakening Chinese language financial system would have a bigger affect subsequent yr. World gross home product progress is projected to gradual to three.0% this yr, in comparison with 3.3% progress in 2020. The OECD additionally downgraded its forecast for world progress in 2024 to 2.7%, from its earlier estimate of two.9%. The group expects the US financial system to develop 2.2% this yr, up from its earlier forecast of 1.6%. Nevertheless, it predicts that progress will gradual to 1.3% subsequent yr. The Chinese language financial system is anticipated to gradual from 5.1% progress this yr to 4.6% subsequent yr. The OECD additionally lower its progress outlook for the euro zone, however forecasted a pick-up in progress subsequent yr as Germany returns to progress. Regardless of weak progress subsequent yr, the OECD recommends that central banks hold rates of interest excessive till inflationary pressures ease.

By Editor