OECD’s “September Interim Economic Outlook Report” has been published.
The report noted that the US economy, which has developed stronger than expected despite the interest rate increase against inflation, will support the growth in the global economy this year, and the weakening Chinese economy will put pressure on the global economy next year.
“The global economy remained more resilient than expected”
In the OECD report, “The global economy remained more resilient than expected in the first half of 2023. However, the growth outlook remains weak. With the increasing visibility of monetary policy and a weaker than expected recovery from the Chinese economy, global growth in 2024 is expected to be lower than in 2023.” It is predicted that it will happen.” statements were included.
The OECD emphasized that central banks should keep interest rates high until there are clear signs that inflationary pressures are easing.
In the report, which includes OECD’s economic growth forecasts for 2023 and 2024, the growth forecast for the global economy, which was announced as 2.7 percent for 2023 in June, was revised to 3 percent.
The growth forecast for the global economy was reduced from 2.9 percent to 2.7 percent for 2024.
Turkey’s growth forecast increased
The growth forecast for the Turkish economy, which was announced as 3.6 percent for 2023 in June, was increased to 4.3 percent in the report published today.
In the OECD report, the growth forecast of the Turkish economy for the next year was reduced from 3.7 percent to 2.6 percent, while the inflation expectation for 2023 was increased from 44.8 percent to 52.1 percent. It was predicted that inflation would decrease to 39.2 percent in 2024.
Growth forecast for the Eurozone has been lowered
The OECD reduced its growth forecast for this year for the Euro Zone, which was most directly exposed to the effects of the Russia-Ukraine war, from 0.9 percent to 0.6 percent, and lowered its 2023 growth forecast for Germany from 0 percent to minus 0.2 percent. downloaded it. The OECD predicted that the German economy will grow by 0.9 percent next year.
The organization reduced its 2024 growth forecast for the Eurozone from 1.5 percent to 1.1 percent.
It also increased its 2023 growth forecast for the US economy from 1.6 to 2.2 percent and from 1 to 1.3 percent for 2024.
The OECD estimates that the Chinese economy will grow by 5.1 percent this year and 4.6 percent next year.
In June, OECD predicted that China, which is experiencing problems in the real estate market, would grow 5.4 percent this year and 5.1 percent next year.
Apart from Germany, the OECD expects only Argentina to shrink this year, while it forecast growth in all other major industrialized countries, including Russia, which is subject to extensive Western sanctions.