According to foreign media reports, the latest OECD report shows that global economic growth in 2022 will still be 3%, but the forecast for 2023 will be lowered to 2.2% from 2.8% in June. The global economy in 2023 will be $2.8 trillion lower than the OECD forecast, a reduction equivalent to France's 2021 GDP.

 

OECD Secretary-General Mathias Cormann said in a statement that after the Russia-Ukraine conflict, the global economy lost momentum, and GDP growth in many economies around the world stagnated, indicating that the economic slowdown continued. In terms of regional analysis, the OECD is particularly pessimistic about the outlook for Europe, believing that many European countries will fall into recession throughout 2023, as Europe is the economy most directly affected by the energy crisis.

 

The OECD stressed that economic growth in the euro zone will slow to 0.3% in 2023 from 3.1% in 2022, lower than the 1.6% forecast in June and representing two consecutive quarters of downward revisions. The OECD is particularly pessimistic about the German economy, as Germany is extremely dependent on Russian gas and Russia has cut off gas supplies. The German economy is forecast to shrink to 0.7% in 2023, down from a 1.7% growth forecast in June.

 

In other parts of the economy, although the United States is far less reliant on imported energy than Europe, the United States is expected to decline as interest rates are raised to control inflation. The OECD forecast U.S. economic growth to slow to 0.5% in 2023 from 1.5% in 2022, down from June forecasts of 2.5% and 1.2%. The UK, which has just elected a new prime minister, expects the economy to stagnate in 2023, and its growth forecast for 2022 has also been revised down from 3.6% to 3.4%.

 

China's economy is expected to grow by 4.7% in 2023, the only country among the major economies to accelerate its economy. On the whole, the economic outlook of major economies is mostly deteriorating, but the OECD still said that further interest rate hikes are needed to combat inflation. The Organization for Economic Cooperation and Development (OECD) said on the 26th that as the energy and inflation crisis is snowballing, the world's major economies expect global economic growth to slow more than forecast a few months ago. economic recession. .