Emergence of Omicron increases uncertainty already weighing on global economic outlook and highlights vaccination shortcomings
Paris — The main risk to the global economic outlook is if inflation continues unabated, the Organisation for Economic Co-operation and Development said on Wednesday, as it lowered its outlook for global growth .
“The global recovery continues to progress, but has lost momentum and is becoming increasingly imbalanced,” said the OECD. “The top policy priority remains the need to ensure that vaccines are produced and deployed as quickly as possible throughout the world, including booster doses,” the OECD said. Provided that that risk did not materialise, inflation in the OECD as a whole was likely close to peaking at nearly 5% and would gradually pull back to about 3% by 2023, the Paris-based organisation said.
In the US, the OECD forecast the world’s biggest economy would grow 5.6% in 2021, 3.7% in 2022 and 2.4% in 2023, down from previous projections of 6.0% in 2021 and 3.9% in 2022. Chief economist Laurence Boone on Omicron, vaccinations for Africa and G20's $10-trillion on pandemic support.t could cost as little as $50bn to save the global economy, Bloomberg reports.
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