NextGen Day

In its most recent Economic Outlook published on Tuesday, the Organization for Economic Co-operation and Development (OECD) predicted that the growth of the global gross domestic product (GDP) will slow from 3.1 percent this year to 2.2 percent in 2023.

The growth rate estimated for 2023 is significantly lower than what was anticipated prior to the start of the Russia-Ukraine conflict, and the number for 2022 is around half the rate observed in 2021 during the pandemic’s recovery.

In contrast to Europe, North America, and South America, it predicted that Asia would be the primary driver of growth in 2023 and 2024.

The OECD predicts that in 2023, the major emerging markets in Asia will provide over three-quarters of the growth in global GDP, while the economies of the United States and Europe are predicted to contract.
The group predicted that annual growth in the euro area would be 0.5 percent in 2023, “hampered by high energy and food prices, weak confidence, ongoing supply constraints, and the initial impact of tighter monetary policy.”

Compared to the 1.8 percent growth in 2022, the US economy would only rise by 0.5 percent in 2023.
The energy markets continue to pose a serious negative risk.

It said that increased gas prices or outright gas supply interruptions will result in much poorer GDP and greater inflation in Europe and the rest of the world in 2023 and 2024. “Europe has gone a long way to replenish its natural gas reserves and restrict demand,” it said.

To diversify energy supplies and ensure energy security, investments in clean energy technology and sources must be accelerated, according to the OECD.

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