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OECD expects global GDP growth to slow to 2.9% in 2023

MOSCOW, November 29 – RIA Novosti. The Organization for Economic Co-operation and Development (OECD) lowered its forecast for global GDP growth for 2023 to 2.9% from 3% in September, following the November economic report. report organizations.

“Global GDP growth is expected to slow from 2.9 percent this year to 2.7 percent in 2024, then reach 3 percent in 2025,” the report said.

Therefore, next year’s forecast is kept at the September forecast level. The report predicts that growth will be 3.3% in 2022.

The organization states that the global economy continues to face challenges due to persistent inflation and weak growth expectations. At the same time, GDP growth has been stronger than expected since the beginning of the year, but is now slowing, driven by tightening financial conditions, weak trade growth and low business and consumer confidence, the forecast said.

According to the OECD, the broader picture for the global economy over the next two years is that there will be a moderate slowdown followed by normalization and inflation will return to central bank targets by 2025. Global GDP growth is also expected to remain weak in the first half of next year.

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