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OECD forecast: High rates and inflation to slow world growth

Sony to expand Chinese game incubator in Microsoft head-to-head

November 22, 2022 / 04:30 PM IST
Source: Reuters

Source: Reuters

Hobbled by high interest rates, punishing inflation and Russia's war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023.

That was the sobering forecast issued on Tuesday by the Paris-based Organisation for Economic Cooperation and Development.

In the OECD's estimation, the world economy will grow just 3.1 per cent this year, down sharply from a robust 5.9 per cent in 2021.

Next year, the OECD predicts, will be even worse: The international economy will expand only 2.2 per cent in 2023, it estimates.