OECD predicts ‘long road’ to global economic recovery
The Organization for Economic Cooperation and Development (OECD) presented on Wednesday a new perspective on the growth of the world economy.
The Paris-based organization forecast an economic expansion of 2.7%, up from 2.6% in its latest March report.
He updated forecasts for the United States, China and the euro zone, but said that while growth had stabilized, the improvement was fragile.
Economists had predicted the outlook would remain subdued because of the ongoing war in Ukraine, inflation and energy security concerns.
However, the OECD pointed to signs of improvement in a previous March report, which forecast growth below the long-term growth trend. They included an easing of inflationary pressures and the renewed openness of China’s economy after the pandemic.
At that time, the OECD raised its 2023 outlook for the global economy to 2.6% growth, compared with 2.2% percent in its previous forecast in November.
More to follow…
Edited by: Kieran Burke
Source: DW
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