According To OECD Estimates, Global GDP Will Be +3% In 2023 And +2.7% In 2024

Data published by the OECD (Organization for Economic Co-operation and Development) suggests that there will be a “slowdown” in global GDP this year, with growth slowing further in 2024.

According to the Interim Economic Outlook, global GDP will grow from +3.3% (2022 data) to +3% in 2023 (in any case, this implies growth of 0.3% compared to June estimates) and up to +2.7% in 2024.

In the eurozone, GDP growth rates will decline from +3.4% in 2022 to +0.6% in 2023 and to +1.1% in 2024; in the US they are estimated at +2.2% in 2023 and +1.3% in 2024; in China +5.1% in 2023 and +4.6% in 2024; in India +6.3% in 2023 and +6% in 2024; and in Russia +0.8% in 2023 and +0.9% in 2024.

The authors of the OECD document believe that global inflation has decreased due to falling energy and food prices, but continues to remain well above the targets of central banks. In any case, global inflation will continue to fall slowly until 2023 in G20 countries: from 7.8% in 2022 to 6.0% in 2023, and then to 4.8% in 2024.

“The assumptions in today’s interim economic forecast are largely consistent with our previous estimates,” says OECD Secretary-General Matthias Cormann. “So far, further significant tension in financial markets has been avoided following the turbulence caused by bank failures at the beginning of the year. Nevertheless, the global economy continues to face challenges of high inflation, low growth, and relatively weak trade. The priority of macroeconomic policy is to reduce inflation and restore fiscal reserves. At the same time, laying the foundations for stronger and more sustainable long-term growth requires action to increase competition, accelerate investment in low-carbon research and development, and reduce rather than increase trade barriers.”