OECD maintains global growth forecast at 2.2% for 2023

OECD maintains global growth forecast at 2.2% for 2023

Asia expected to be main engine of growth in next 2 years; Europe, Americas to see 'very low growth', says Paris-based organization

By Tuba Sahin

ANKARA (AA) - The Organization for Economic Co-operation and Development (OECD) has kept its global economic growth forecast for 2023 unchanged at 2.2% amid "the massive and historic energy shock" sparked by the Russia-Ukraine war.

"Tighter monetary policy and higher real interest rates, persistently high energy prices, weak real household income growth and declining confidence are all expected to sap growth," the Paris-based organization said in its latest Economic Outlook report on Tuesday.

The global economy is projected to recovery moderately in 2024, with growing 2.7% compared to a year ago, according to the OECD.

"Asia will be the main engine of growth in 2023 and 2024, whereas Europe, North America and South America will see very low growth," read the report.

Inflation is estimated to stand at 9.4% in the OECD economies this year, but gradually moderate to 6.5% in 2023 and 5.1% in 2024.

According to the latest data, annual consumer inflation in the OECD area rose to 10.5% in September, the highest in more than 34 years.

Global trade volume growth is projected to ease to 2.9% next year as demand softens and price pressures mount, with significant slowdown in Europe and the US.

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