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Asia will be main engine of growth in 2023, 2024 - OECD

The Organization for Economic Cooperation and Development (OECD) said Asia will be the main engine of growth in 2023 and 2024 while Europe, North America, and South America will see very low growth. In its latest Economic Outlook, the OECD said global economic growth will slide from 3.1% this year to 2.2% next year. It will be a different story in Asia though. OECD said the major emerging markets in Asia are projected to account for close to three-quarters of global GDP growth in 2023. The US will only grow by 0.5% in 2023, compared with 1.8% this year. The growth rate projected for 2023 is well below that foreseen before the outbreak of the Russia-Ukraine conflict.

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