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.