It forecast the euro zone economy would slow from 3.3 percentgrowth this year to 0.5 percent in 2023 before recovering to expand by 1.4 percent in 2024. That was slightly better than in the OECD’s last outlook in September, when 3.1 percent growth was estimated for this year and 0.3 percent in 2023.
Even in Europe outlooks diverged, with the French economy, which is far less dependent on Russian energy, expected to grow 0.6 percent next year. Italy was seen eking out 0.2 percent growth, which means several quarterly contractions are probable. The United States economy was set to hold up better, with growth expected to slow from 1.8 percent this year to 0.5 percent in 2023 before rising to 1 percent in 2024. The OECD had previously expected growth of only 1.5 percent this year in the world’s biggest economy and its estimate for 2023 was unchanged.
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