UPDATE - OECD lowers world GDP forecast to 3% for 2022

UPDATE WITH MORE DETAILS FROM REPORT

By Gokhan Ergocun

ISTANBUL (AA) - The Organization for Economic Co-operation and Development (OECD) said on Wednesday that it has lowered its global economic growth forecast from 4.46% to 3% for this year.

Russia’s war on Ukraine and China’s lockdown measures have damaged the recovery, the OECD said in a report.

“Prior to the war, the world economy was on track for a strong, albeit uneven, recovery from COVID-19,” it added.

The report’s 2023 forecast was 2.8% for global economic growth.

On inflation, it said: “The war in Ukraine has quashed hopes for a quick end to rising inflation from COVID-19 related supply bottlenecks seen across the global economy during 2021 and early 2022.”

While the report lowered GDP forecasts for G-20, the US, UK, and the eurozone, it raised the forecast for Türkiye.

It is expected that G-20 countries' economies will grow by 2.9% this year and 2.8% in 2023, while the forecasts were 3.6% and 0% for the UK, respectively, and 2.5% and 1.2% for the US.

The eurozone economy is expected to expand by 2.6% and 1.6% in 2022 and 2023, respectively.

The Turkish economy is also forecasted to expand by 3.7% and 3% over the same period.

Germany's GDP forecast for this year was 1.9%, while 1.7% for next year.

The inflation expectations rose for almost all countries, according to the report.