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12/1/2021, 11:16 AM (Source: TeleTrader)
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OECD cuts global GDP growth forecast for 2021

The Organisation for Economic Co-operation and Development slashed on Wednesday its global economic growth projections for this year by 0.1 percentage points to 5.6%, with the United States, the Eurozone as well as China set to see a slight decline in annual growth figures.

"The global recovery is continuing, but its momentum has eased and is becoming increasingly imbalanced," the report noted, adding that "alongside cost pressures from manufacturing supply bottlenecks and food price increases, imbalances in the energy market are a key factor driving up inflation in all economies."

Commenting on inflation, the OECD also said that consumer price inflation is expected to start diminishing next year. The world will see a 4.5% GDP growth next year and 3.2% in 2023, the release concluded.

Baha Breaking the News (BBN) / ND