The global economy remains fragile as inflation continues to impact household spending and higher interest rates hinder growth, according to the Organization for Economic Cooperation and Development (OECD). The Paris-based group, comprising 38 member countries, predicts global growth to reach 2.7% this year, up from the previous estimate of 2.2% in November, with growth expected to only slightly increase to 2.9% in 2023. The forecast also cautioned of risks such as the situation in Ukraine and debt problems in developing countries. The OECD sees most of the world’s growth coming from Asian economies such as China, India, Indonesia, and Singapore.
OECD predicts that global economic recovery will be hindered by interest rates and inflation.
