Europe to be hit hardest in global slowdown - OECD

The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp slowdown with Europe hit hardest, the OECD said today.

"Our central scenario is not a global recession, but a significant growth slowdown for the world economy in 2023, as well as still high, albeit declining, inflation in many countries," acting OECD chief economist Alvaro Santos Pereira said. That was slightly better than in the OECD's last outlook in September, when 3.1% growth was estimated for this year and 0.3% in 2023.

The US economy was set to hold up better, with growth expected to slow from 1.8% this year to 0.5% in 2023 before rising to 1.0% in 2024.

Source: Energy Industry News (energyindustrynews.net)

So let’s ban burning turf! That’ll save the planet!

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