Global economic growth expected at 2.7% in 2023: OECD

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This photo taken on Feb. 17, 2023 shows robot arms working on a production line at a glass factory in Jiamusi, northeast China's Heilongjiang Province. [Photo/Xinhua]

The Organization for Economic Co-operation and Development (OECD) expects the world economy to grow by 2.7 percent in 2023 and by 2.9 percent in 2024, it said in its latest Economic Outlook published on Wednesday.

"Lower energy prices are easing the strain on household budgets, business and consumer sentiment are recovering, albeit from low levels, and the re-opening of China has provided a boost to global activity," it said.

In the eurozone, declining headline inflation will help to boost real incomes and contribute to a pick-up in GDP growth from 0.9 percent in 2023 to 1.5 percent in 2024.

GDP growth in the United States is projected to be 1.6 percent in 2023 before slowing to 1 percent in 2024 in response to tight monetary and financial conditions.

The upturn remains fragile and risks are tilted to the downside, the report said, adding that "One key concern is that inflation could continue to be more persistent than expected."

In the G20 economies, annual consumer price inflation is projected to decline from 7.8 percent in 2022 to 6.1 percent in 2023 and 4.7 percent in 2024, helped by decreasing energy and food retail prices, moderating demand pressures and fewer supply bottlenecks.

In order to keep the economic growth goals, the OECD recommends that countries adjust their fiscal policies and promote sustainable growth.

In the report, OECD Secretary-General Mathias Cormann said that the projected economic recovery was slightly more optimistic than before.

But it remained important to prioritize structural reforms to boost productivity, while securing the green and digital transformations of economies, according to him.

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