OECD March global economic outlook projects “fragile” recovery

Inflation is projected to remain above most G20 countries targets until 2024.

Photo by Scottish Rural Network on Flickr / CC BY 2.0

The Organisation for Economic Co-operation and Development’s (OECD) economic outlook for March projects global growth will reach 2.6% in 2023 and 2.9% in 2024.

The OECD forecasts annual GDP growth for the U.S. will slow from 1.5% this year to 0.9% next year. It says the Chinese economy is expected to grow 5.3% this year and 4.9% in 2024.

Inflation in G20 economies is predicted to fall to 5.9% this year and decline further to 4.5% in 2024. These projections remain above central bank objectives until the latter half of 2024 in most countries. The European Central Bank hiked interest rates by a further half percentage point on Thursday to fight inflation.

The United Kingdom is also expected to have a mild rebound in 2024, with output rising by 0.9% after a year-on-year decline in 2023.

Sources (3)
helpPrimary sources where the above facts were found.
OECD Economic Outlook March 2023 report summary
OECD Economic Outlook Interim Full Report March 2023
European Central Bank tweet
Media Coverage (2)
helpArticles from other media outlets that covered this story.
OECD hikes growth outlook, but warns recovery fragile
United Press International
OECD expects short-term sluggish economic growth