The OECD minimally improved its global economic growth forecast

By: Trademagazin Date: 2023. 06. 07. 11:24

The organization of industrialized countries, the Organization for Economic Co-operation and Development (OECD), slightly revised its forecast for world economic growth in 2023 upwards and did not change its forecast for next year, according to a report published on the website of the Paris-based organization on Wednesday.

The OECD expects growth of 2.7 percent this year, instead of the 2.6 percent indicated in March, and has maintained its previously indicated forecast of 2.9 percent for next year.

In the summary of the report, it is highlighted: this year’s 2.7 percent expansion – excluding 2020, the first year of the pandemic – is the lowest annual growth rate since the economic crisis of 2008-2009, despite the fact that the lifting of China’s anti-epidemic restrictions gave a boost to world economy.

According to the regional breakdown, the US economy is expected to grow by 1.0 percent next year after this year’s 1.6 percent expansion, due to the restraining effect of interest rate increases on economic growth.

In the world’s second largest economy, China, growth of 5.4 percent this year and 5.1 percent next year is expected, the former exceeding the March forecast by 0.1 percent and the latter by 0.2 percent.