OECD slashes world GDP growth forecast

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(VOVWORLD) - The Organization for Economic Cooperation and Development (OECD) warned on Monday that the world economy next year will be affected more heavily than previously forecast due to the consequences of the Russia-Ukraine conflict.

OECD slashes world GDP growth forecast - ảnh 1A supermarket in South Korea. (Photo: Xinhua/VNA)

In its latest report, the OECD maintained its forecast for global economic growth in 2022 at 3% but it slashed its 2023 growth forecast to 2.2%, down from 2.8% in its previous estimate in June.

The outlook for nearly all nations among the Group of 20 top economies were cut, except for Turkey, Indonesia and Britain, though the latter is forecast to have zero growth.

Growth in the US – the world’s biggest economy – is projected to slow to 0.5% in 2023.