The world economy, hampered by high interest rates, inflation and Russia's war against Ukraine, will achieve modest growth this year, and even weaker growth in 2023, the Organization for Economic Cooperation and Development (OECD) announced.
According to the new OECD forecast published today, the world economy will grow by only 3,1 percent this year, which is a sharp drop from 5,9 percent in 2021.
Next year, the OECD predicts, the growth of the world economy will be even weaker and will amount to 2,2 percent.
The OECD, which has 38 member countries, predicts that the USA, the world's largest economy, will record a growth of only 1,8 percent this year, which is a big drop from last year's 5,9 percent. The American economy will grow by only 2023 percent in 0,5, and one percent in 2024, according to the OECD.
The forecast for the Eurozone, affected by the energy crisis due to the Russian war in Ukraine, is not brighter either, as the OECD predicts that it will achieve growth of 0,5 percent in 2023 and 1,4 percent in 2024.
When it comes to inflation, the OECD predicts that it will continue to significantly affect the European economy. Inflation is expected to be 8,3 percent this year, which is a sharp jump from last year's 2,6 percent. In the next year, according to the OECD, inflation will amount to 6,8 percent.
The Chinese economy, which not so long ago had double-digit annual growth, will expand by only 3,3 percent this year, and by 2023 percent in 4,6.
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