The Organization for Economic Cooperation and Development (OECD) hasraised its world economic growth forecasts for both 2023 and 2024, but warned that the global outlook still remains fragile.
Global gross domestic product is now projected to reach 2.6 percent in 2023, up from the previous forecast of 2.2 percent, according to the OECD’s latest Interim Economic Outlook.
Global growth is expected to hit 2.9 percent next year, slightly more than the previous projection of 2.7 percent, the report said.
Headline inflation in the Group of 20 economies is projected to decrease from 8.1 percent in 2022 to 5.9 percent in 2023 and 4.5 percent in 2024 due to a fall in energy prices, the Paris-based organization said.
It pointed out that the reopening of the Chinese economy at the end of last year helped ease global supply chain pressures and is likely to boost global demand moving forward.
“Headline inflation has shown signs of easing due to the fall in energy prices but, right from the outset, the global economic outlook remains fragile and risks remain tilted to the downside,” OECD Secretary-General Mathias Cormann said.
CURRENTPH NEWS SERVICE
