OECD Predicts Fragile Economic Recovery
Date
3/18/2023 3:05:16 PM
(MENAFN- AzerNews) The world is in the midst of a 'fragile economic recovery' in
the wake of the impacts from the coronavirus pandemic and the
conflict between Russia and Ukraine, the Organization for Economic
Co-operation and Development (OECD) said on Friday, Azernews
reports citing Xinhua.
In its 'Economic Outlook, Interim Report' released on Friday,
the OECD predicted the global Economy to grow by 2.6 percent this
year and then speed up to 2.9 percent in 2024 as the lasting
impacts of the Ukraine crisis, such as energy supply issues and
inflation, diminish.
'Declining energy prices have contributed to a modest
improvement in the global outlook,' the OECD said in a
statement.
The report predicted that China's economy would be the fastest
growing in the world this year, increasing by 5.3 percent, while
the U.S. economy to grow by 1.5 percent this year and 0.9 percent
in 2024.
In its recommendations, the OECD called on countries to maintain
monetary policies aimed at lowering inflation, target fiscal
support to hard-hit sectors, and take steps to spark more economic
growth.
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