Market Updates
OECD Lifted Global Economic Growth Outlook
Brian Turner
08 Jun, 2023
New York City
Global economic growth is likely to pick up in the remainder of 2023, but the recovery is expected to be anemic, the OECD said in its quarterly update released Wednesday.
GDP growth in 2023 was revised higher to 2.7% from 2.6% but the outlook for 2024 was left unrevised at 2.9%.
Despite the slight pick up in the global growth, downside risks persists because of the uncertainties related to the Ukraine war, higher inflation and milder weather in Europe may not be repeated next year.
GDP growth in the Euro Area is likely to pick up from 0.9% in 2023 to 1.5% in 2024 because the sharp decline in energy prices is expected to increase real income and contribute to acceleration in economic growth.
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