News “Global recession will hit Europe hardest.” Last Minute GERMANY, France, England, Russia headlines and events
The Organization for Economic Co-operation and Development (OECD) noted that the global economy is expected to recover from recession next year, but the worst energy crisis since the 1970s will lead to a slowdown in the economy. Anticipating that Europe will be hit hardest by the global economic downturn, the OECD stressed that fighting inflation must be its number one priority.
In a statement issued today by the OECD, it noted that each country’s economic outlook for the coming year has changed, but the UK will be the country most affected by the economic downturn.
In the November 3rd quarter of 2022, in the Economic Outlook Report published by the OECD under the title “In the face of the crisis”, Turkey’s growth rate in 2022 was reduced from 5.4 to 5.3, and the growth rate in 2023, determined by like 3 percent, saved. Turkey’s economy is projected to grow by 3.4 percent in 2024.
According to the OECD, global economic growth will slow to 2.2 percent from 3.1 percent this year. The global economic growth rate is expected to reach 2.7 percent in 2024.
“We do not foresee a recession, but we certainly expect a period of easing,” said OECD Secretary General Matthias Kormann at a press conference at which the organization launched its latest Economic Outlook report.
The OECD noted that the slowdown in the global economy did not affect the economies of countries equally, but Europe suffered the most from the slowdown, as Russia’s war in Ukraine hurt business activity and increased energy costs.
By estimating that the 19-country eurozone economy will grow by 3.3 percent this year and slow to 5 per thousand by 2023, the OECD projected that growth in the euro area would be 1.4 percent in 2024. In its In September forecasts, the OECD said that this year the growth will be 3.1 percent, and in 2023 the growth will be 3 people per thousand.
The OECD estimates that Germany, which is considered the locomotive of the European economy, will shrink by 3 people per thousand next year. Germany, whose economy is predominantly industrial, is a country dependent on Russian energy. The OECD’s September forecast foresees that the German economy will shrink by 7 ppm in 2023.
France, which is less dependent on Russian natural gas and oil than Germany, is expected to grow by 6 percent per thousand in 2023. The fact that Italy’s growth forecast for next year is 2 per thousand indicates that the Italian economy may shrink in some quarters.
Outside the eurozone, the British economy is expected to contract by 4% per thousand next year due to rising interest rates, rapid inflation and weak confidence. Earlier, the OECD predicted the growth of the British economy at 2 ppm.
There is a forecast that the state of the American economy will be relatively better. While growth is expected to slow from 1.8 percent this year to 5 per thousand in 2023, the US economy is expected to grow by 1 percent in 2024. In its previous forecast, the OECD said that the US economy, the world’s largest economy, would grow by just 1.5 percent this year, while its forecast for 2023 would remain the same.
China, which is not a member of the OECD, is considered one of the few countries that will experience growth in 2023. The growth of the Chinese economy is expected to increase from 3.3 percent this year to 4.6 percent in 2023 and reach 4.1 percent in 2024.
Another expectation is that inflation in OECD countries will fall from 9 percent this year to 5.1 percent in 2024 with the introduction of tighter monetary policy and less pressure on energy prices.
“Additional tightening is needed to stabilize inflation expectations in most developed countries and many emerging economies,” said OECD Secretary General Matthias Kormann.
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