ROME: The world is in the midst of a “fragile economic recovery” in the wake of the impacts of the coronavirus pandemic and the conflict between Russia and Ukraine, the Organisation for Economic Co-operation and Development (OECD) said on Friday.
In its “Economic Outlook, Interim Report” released on Friday, the OECD predicted the global economy to grow by 2.6 per cent this year and then speed up to 2.9 per cent in 2024 as the lasting impacts of the Ukraine crisis, such as energy supply issues and inflation, diminish.
“Declining energy prices have contributed to a modest improvement in the global outlook,“ the OECD said in a statement, reported Xinhua.
The report predicted that China’s economy would be the fastest growing in the world this year, increasing by 5.3 per cent, while the US economy to grow by 1.5 per cent this year and 0.9 per cent in 2024.
In its recommendations, the OECD called on countries to maintain monetary policies aimed at lowering inflation, target fiscal support to hard-hit sectors, and take steps to spark more economic growth. – Bernama