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9/26, 10:48 AM (Source: TeleTrader)
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OECD cuts 2023 global GDP growth prospects to 2.2%

In its latest Interim Economic Outlook report, the Organisation for Economic Co-operation and Development (OECD) shared on Monday that it has decided to cut its global GDP growth predictions for 2023 down to 2.2% from the previous 2.8%, as a result of "Russia’s war of aggression in Ukraine." The growth projections for 2022 stand at 3%.

"The war has further pushed up energy prices, especially in Europe, aggravating inflationary pressures at a time when the cost of living was already rising rapidly around the world due to lingering impacts of the Covid-19 pandemic," the report read, noting that central banks have been hiking interest rates "faster than anticipated."

OECD expects Germany to enter into a recession in 2023, while the United Kingdom is likely to be at zero growth in the same year, according to forecasts. Meanwhile, the organization is projecting the United States GDP growth in the next year will stand at 0.5%.

Baha Breaking News (BBN) / AY