Title: OECD Predicts Limited Growth for Global Economy

The Organization for Economic Cooperation and Development (OECD) stated today, Wednesday, that "the global economy will only register modest growth over the next year, feeling the full effects of central banks raising interest rates, which limits the support stemming from declining inflation during a slight adjustment to its economic forecasts for 2023." The organization noted: "The global economy is expected to grow by 2.7 percent this year, up from 2.6 percent in its March forecast." It added: "This growth will mark the lowest annual rate since the global financial crisis of 2008-2009, excluding 2020, which was severely impacted by the pandemic, and that growth will only accelerate slightly next year to 2.9 percent, unchanged from the March forecast, due to the increasing impact of major central banks raising interest rates over the past year on private investment starting from the housing market."