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In its latest Economic Outlook report, the Organisation for Economic Co-operation and Development trimmed its forecast for global growth this year to 2.9%, down from the 3.0% it forecast in September.

The OECD sees global growth slowing to 2.7% next year, the lowest annual rate since the global financial crisis – except for 2020, the first year of the COVID-19 pandemic.

A rebound to 3% growth in 2025 is contingent on inflation slowing further and Asian economies maintaining their current pace of growth.