{"id":87274,"date":"2023-03-18T10:47:42","date_gmt":"2023-03-18T10:47:42","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2"},"modified":"2023-03-18T10:58:02","modified_gmt":"2023-03-18T10:58:02","slug":"oecd-hikes-global-growth-forecast-for-2023-2024-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2","title":{"rendered":"OECD hikes global growth forecast for 2023, 2024"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The Organization for Economic Cooperation and Development (OECD) on Friday raised its world economic growth forecasts for both 2023 and 2024, but warned that the global outlook still remains fragile.<\/p>\n

Global gross domestic product is now projected to reach 2.6% in 2023, up from the previous forecast of 2.2%, according to the OECD\u2019s latest Interim Economic Outlook.<\/p>\n

Global growth is expected to hit 2.9% next year, slightly more than the previous projection of 2.7%, the report said.<\/p>\n

Headline inflation in the Group of 20 economies is projected to decrease from 8.1% in 2022 to 5.9% in 2023 and 4.5% in 2024 due to a fall in energy prices, the Paris-based organization said.<\/p>\n

It pointed out that the reopening of the Chinese economy at the end of last year helped ease global supply chain pressures and is likely to boost global demand moving forward.<\/p>\n

\u201cHeadline inflation has shown signs of easing due to the fall in energy prices but, right from the outset, the global economic outlook remains fragile and risks remain tilted to the downside,\u201d OECD Secretary-General Mathias Cormann said.\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n

———–<\/p>\n

He stressed that the fight against inflation was not over yet, as goods inflation is receding but services inflation is proving persistent.<\/p>\n

“Central banks must stay the course with monetary policy tightening to get inflation back to target,” Cormann urged.<\/p>\n

The OECD also raised its growth forecast for the Chinese economy to 5.3% in 2023 and 4.9% in 2024, as the country fully lifted COVID-19 restrictions.<\/p>\n

Japan’s GDP is projected to rise 1.4% this year and 1.1% next year, compared to 1.8% and 0.9%, respectively, in the previous report.<\/p>\n

Annual GDP growth in the US is estimated to slow to 1.5% in 2023 and 0.9% in 2024, as monetary policy moderates demand pressures, the OECD said.<\/p>\n

In the euro area, growth is projected to be 0.8% in 2023 but pick up to 1.5% in 2024, as the effects of high energy prices fade.<\/p>\n

Central bank policy rates are expected to peak at 5.25%-5.5% in the US and 4.25% in the euro area, it added.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The Organization for Economic Cooperation and Development (OECD) on Friday raised its world economic growth forecasts for both 2023 and 2024, but warned that the global outlook still remains fragile. Global gross domestic product is now projected to reach 2.6% in 2023, up from the previous forecast of 2.2%, according to the […]<\/p>\n","protected":false},"author":84,"featured_media":87273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,9305,544,8411,9304],"class_list":{"0":"post-87274","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-kenya","12":"tag-kenya","13":"tag-oecd","14":"tag-organization-for-economic-co-operation-and-development"},"yoast_head":"\nOECD hikes global growth forecast for 2023, 2024 - kenya<\/title>\n<meta name=\"description\" content=\"The Organization for Economic Cooperation and Development (OECD) on Friday raised its world economic growth forecasts fo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OECD hikes global growth forecast for 2023, 2024\" \/>\n<meta property=\"og:description\" content=\"The Organization for Economic Cooperation and Development (OECD) on Friday raised its world economic growth forecasts fo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-18T10:47:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-18T10:58:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/03\/postQueueImg_1679123894.69.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"OECD hikes global growth forecast for 2023, 2024\",\"datePublished\":\"2023-03-18T10:47:42+00:00\",\"dateModified\":\"2023-03-18T10:58:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2\"},\"wordCount\":334,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/03\/postQueueImg_1679123894.69.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"growth forecast\",\"Kenya\",\"OECD\",\"Organization for Economic Co-operation and Development\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oecd-hikes-global-growth-forecast-for-2023-2024-2\",\"name\":\"OECD hikes global growth forecast for 2023, 2024 - 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