Global growth will slow further in the coming year but the world will likely avoid a recession thanks to Asia’s biggest economies.
Global GDP is projected to grow by 3.1% this year, and by just 2.2% in 2023, according to the latest forecast from the Organization for Economic Cooperation and Development . Although the OECD is not predicting a recession, its forecast is more pessimistic than that of the International Monetary Fund , which said last month that it expects the world economy to grow by 3.2% this year and 2.7% next year.
5% in 2023. That the European and American economies are growing at all is partly because of government spending on energy subsidies and policies to boost investment such as NextGeneration EU and the Inflation Reduction Act, OECD Secretary General Matthias Cormann told reporters on Tuesday. Savings accumulated by households and businesses during the initial phase of the pandemic will also help to support spending, he added.
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