OECD lowers global economic growth forecast for 2023
Time:Thu, 29 Sep 2022 06:19:14 +0800
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According to the latest report released by the Organization for Economic Cooperation and Development (OECD), the expected global economic growth maintained at 3.0% this year, while the growth rate in 2023 was expected to be lowered to 2.2% from 2.8% in June, and the total output value will be US$2.8 trillion less than the previous forecast.
The Russia-Ukraine conflict has weakened the global economy. Many countries’ GDP growth has stagnated. Among them, Europe is affected the most as it is the major economy most directly impacted by the energy crisis.
The OECD said that interest rate hikes are still needed in the future to fight inflation. The interest rate hikes in most global major central banks were expected to be more than 4% each year.
