The Organisation for Economic Cooperation and Development (OECD) said the global economy will likely grow 2.2% in 2023, slower than the 2.8% projected earlier, weighed down by monetary tightening in advanced economies to fight inflation. Japan will see growth of 1.4% next year, slower than the 1.8% expansion previously forecast in June, the OECD's economic outlook report showed, even as the Bank of Japan is in no rush to tweak its ultra low rate policy. Global economic growth stalled in the second quarter of 2022 as Russia's war against Ukraine has lifted energy, food and other raw material prices to the detriment of consumers.
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