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OECD November Economic Outlook

Economy

In the OECD November Economic Outlook ‘Confronting the Crisis’, rising energy prices, slowing growth and inflation are highlighted. World GDP growth is forecast at 2.2% in 2023 with Asian emerging-market economies expected to account for close to three-quarters of this expansion. In 2023, GDP growth in China and India is projected at 4.6% and 5.7% respectively, while the US and Euro area are both forecast at 0.5%.

High inflation is expected to persist in 2023, although tightening monetary policy and decelerating growth are expected to have a moderating effect. The downward pressure on the world economy of high energy prices could be worsened if Europe’s gas storage is depleted.