OECD Improves Forecast of World GDP Growth to 3.1% in 2022, Keeps Same Projection for 2023

MOSCOW (Pakistan Point News / Sputnik - 22nd November, 2022) The Organization for Economic Co-operation and Development (OECD) in a fresh report published on Tuesday improved its forecast for growth of global gross domestic product (GDP) in 2022 from 3% to 3.1%, with projected GDP growth in 2023 remaining at the same level of 2.2%.

In its September outlook, the OECD projected that the world's GDP growth would total 3% this year and then decrease to 2.2% in 2023.

"Global GDP growth is projected to be 3.1% in 2022, around half the pace seen in 2021 during the rebound from the pandemic, and to slow further to 2.2% in 2023, well below the rate foreseen prior to the war.

In 2024, global growth is projected to be 2.7%, helped by initial steps to ease policy interest rates in several countries," the message read.

Asia is going to be the main engine of the global economy growth in coming years, whereas Europe, South America and North America will show relatively low numbers, according to the organization.

The OECD also stated that the situation in the energy market would pose a significant threat to the economy in 2023-2024, as Europe would have a harder time replenishing its gas imports in coming years the way it is doing now. This, in turn, would lead to weaker growth and higher inflation, according to the OECD.