OECD issued its forecast for the global economy in 2024
The Organization for Economic Co-operation and Development (OECD) announced its forecasts regarding the performance of the global economy next year, as global economic growth is expected to remain weak as a result of the pressure of rising interest rates on business activities.
This comes in the context of the impact of the slow and disappointing recovery of the Chinese economy after the outbreak of the Covid epidemic on the global economy.
Based on its forecasts, the global economy may grow by 3% in 2023, then slow to 2.7% in 2024.
The Paris, France based organization, indicates that the year 2024 may witness the weakest annual growth rate of the global economy since the global financial crisis.
In 2008, with the exception of 2020, which witnessed the repercussions of the Covid-19 epidemic on the global economy.
In contrast to global economic forecasts, the OECD has improved its estimates of the performance of the Russian economy in 2023 and 2024.
In its September report, the organization expected that the Russian economy would achieve growth of 0.8% during 2023, instead of previous expectations that indicated a decline of 1.5%.
The following year, in 2024, Russia’s GDP is expected to grow by 0.9% instead of a decline of 0.4%.
