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OECD slightly raises global growth forecast amid easing inflation

The Organisation for Economic Cooperation and Development (OECD) has increased its global growth forecast from 2.6% to 2.7% for the current year due to easing inflation and the lifting of COVID-19 restrictions in China. Despite the positive adjustments, the recovery still faces a lengthy journey, according to OECD Chief Economist Clare Lombardelli. Central banks are urged to maintain strict monetary policies until inflationary pressures subside. The OECD has also cautioned about the growing effects of higher global interest rates, particularly in property and financial markets. Recommendations include scaling back and better targeting fiscal support as the recovery progresses. The revised forecasts also included specific country adjustments with increases for the US and China, and a sharp reduction for Germany.


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