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OECD Slashes Global Growth Forecasts

Adel 8 June, 2022 3:06 pm Market Update

The Organisation for Economic Co-operation and Development (OECD) announced today cutting its global growth predictions for 2022 to 3% due to the Russia-Ukraine war repercussions and the supply-chain disruptions.

In its latest review, published today, OECD sees global GDP growth of 3.0% in 2022 versus 4.5%, predicted before.

Besides, OECD expects euro area growth of 2.6% in 2022 and 1.6% in 2023, and US growth of 2.5% in 2022 and 1.2% in 2023.

OECD’s forecast revisions came on the heels of the World Bank’s 2.9% growth estimate that was released Tuesday.

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