8/11, 2:15 PM (Source: TeleTrader)
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OPEC cuts global economic growth forecast

The Organization of the Petroleum Exporting Countries (OPEC) said on Thursday that it has revised down its global economic growth outlook to 3.1% for both this year and the next.

GDP growth expectations were down to 1.8% in 2022 and to 1.7% in 2023 for the United States. The Eurozone economy is seen as expanding by 3.2% in 2022 and by a lower-than-previously estimated 1.7% in the year after. China's GDP growth projection has been cut to 4.5% for this year but remained unchanged at 5% for 2023.

"Downside risks remain, stemming from the ongoing geopolitical tensions, the continued pandemic, ongoing supply chain issues, rising inflation, high sovereign debt levels in many regions, and expected monetary tightening by central banks in the US, the UK, Japan and the Euro-zone," OPEC warned in its Monthly Oil Market Report for August 2022.

Baha Breaking News (BBN) / MS