KUALA LUMPUR – The latest report by the OECD (Organisation for Economic Co-operation and Development) shows a revision of its global economic growth prediction for 2022.
The report, cited by Anadolu Agency, showed that the OECD lowered its global growth forecast from 4.46% to 3% this year.
The agency stated that findings from the report had shown that the world economy was originally on a path to a strong recovery despite it being uneven, brought on by the COVID-19 pandemic.
However, due to the ongoing Russian-Ukraine war and the prolonged lockdown in China, measures which the republic put in place under its zero-COVID policy, the path to global growth had been slowed.
OECD’s report further projected a forecast of 2.8% for next year’s global economic growth.
With regards to inflation, the report states that the Russian-Ukraine war had “quashed hopes for a quick end to rising inflation from the pandemic related supply bottlenecks” which were felt all over the world over the period of 2021 and early this year.
Although the report showed the OECD slashed economic growth forecast for the G-20 nations, the United States, the United Kingdom, and the Eurozone region, it did increase the Turkish economy’s overall gross domestic product forecast.
It said that the forecast for G-20 nations is expected to grow around 2.9% for 2022 with a slight dip, marking 2.8% for 2023.
Meanwhile, the United States is expected to perform at 2.5% this year with a drop to reach 1.2% next year.
2022 is projected to have the United Kingdom hit 3.6% growth but the OECD report expects 0% growth for 2023.
For the Eurozone, a growth of 2.6% is anticipated for this year while next year’s performance forecast is at 1.6%.
Additionally, Turkish economic expansion is projected at 3.7% for 2022 with a 3% growth over the same period.
The OECD report also included Germany’s forecast, set for 1.9% and 1.7% for 2022 and 2023 respectively.
All the nations would have a rise in inflation, the report added.
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