OECD downgrades Turkey’s growth forecast – WORLD

While the Organization for Economic Co-operation and Development (OECD) cut Turkey’s economic growth forecast for 2022 from 5.4 percent in September to 5.3 percent, it raised its global economic growth forecast from 3 percent to 3.1 percent.The Organization for Economic Co-operation and Development (OECD) said the global economy is facing growing challenges. While growth is losing momentum, inflation remains high for a long time, confidence is waning, and uncertainty is rising, according to the OECD’s Global Economic Outlook report. Russia’s war against Ukraine has led to a significant increase in prices, especially for energy, and, consequently, increased inflationary pressures. The unusually strong and large-scale actions of central banks to raise policy rates have significantly tightened global financial conditions. According to this forecast, the OECD expects global GDP growth to be 3.1 percent this year—about half of the post-pandemic 5.9 percent in 2021—decelerating further to 2.2 percent next year, with central bank policy 2024. it will rise to 2.7% as a result of the first steps to reduce interest rates.

Inflation expected to fall in major economies

While the OECD has raised its 2022 growth expectations for the US from 1.5 percent to 1.8 percent, it has kept its expectations for next year at 0.5 percent and set its expectations for 2024 at 1 percent. year was increased from 3.4 percent to 3.5 percent. Inflation is projected to return to 2.6 percent in 2024, the growth forecast for the eurozone will increase from 3.1 percent to 3.3 percent this year and from 0.3 percent to 0.5 percent next year, while the forecast for 2024 was increased to 1.4 percent. %, inflation forecast for 2024 was raised from 8.1% to 8.3% this year and from 6.2% to 6.8% next year. % this year and drop to 2.5% in 2024. After the pandemic in 2021, global trade, which grew at a strong 10%, is expected to fall to 2.9% next year after rising by 5.4% % this year. Trade is expected to grow by 3.8 percent in 2024.