The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp slowdown with Europe hit hardest, the OECD said on Tuesday, urging central banks to keep hiking interest rates.

World economic growth is set to slow from 3.1% this year to 2.2% next year before accelerating to 2.7% in 2024, the Organisation for Economic Cooperation and Development said, marginally raising its 2022 forecast.

The OECD said the global slowdown was hitting economies unevenly, with Europe bearing the brunt as Russia's war in Ukraine both hits business activity and drives an energy price spike.

Source:  Reuters
Post by: Republic of Türkiye Ministry of Trade