The OECD raised its global economic growth forecast for 2024 on Thursday, driven by strong performances in the United States and emerging countries while Europe lags behind.
The world economy is expected to expand by 3.1 percent this year, up from a previous projection in February of 2.9 percent, according to the the Organisation for Economic Cooperation and Development. Photo: JEAN AYISSI / AFPis expected to expand by 3.1 percent this year, up from a previous projection in February of 2.9 percent, according to the the Organisation for Economic Cooperation and Development.
"The global economy has proved resilient, inflation has declined within sight of central bank targets, and risks to the outlook are becoming more balanced," said OECD Secretary-General Mathias Cormann. The US central bank held its interest rate at a 23-year high on Wednesday, with Fed chairman Jerome Powell saying that it will"take longer than previously expected" to have confidence that inflation is on track to meet the institution's two-percent target.The OECD warned that"high geopolitical tensions, particularly in the Middle East, could disrupt energy and financial markets, causing inflation to spike and growth to falter".
But it warned that"the mixed macroeconomic landscape is expected to persist, with inflation and interest rates declining at differing paces, and differing needs for fiscal consolidation."
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