Global economic outlook has improved but recovery fragile, OECD says
After growth last year of 3.2 per cent, the world economy is on course to expand 2.6 per cent as central bank tightening takes full effect, the Organisation for Economic Cooperation and Development said in its interim economic outlook.
For Canada, the OECD now expects the economy to expand 1.1 per cent this year and 1.4 per cent in 2024. That’s up from November projections of 1 per cent and 1.3 per cent, respectively.Looking to next year, global growth was expected to accelerate to 2.9 per cent – compared with a November forecast of 2.7 per cent – as the hit to household incomes from high energy prices faded.The OECD forecast that inflation in the Group of 20 major economies would fall from 8.1 per cent last year to 5.
Setting aside turmoil in financial markets following SVB’s failure and continued worries about Swiss lender Credit Suisse, the European Central Bank hiked interest rates by a further half percentage point on Thursday to fight inflation.The OECD projected that central bank policy rates would peak at 5.25-5.5 per cent in the United States and 4.25 per cent in the euro area and Britain with a decline in inflation possibly allowing for a “mild” easing next year.
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