OECD cuts global growth outlook to 3%


The Organization for Economic Cooperation and Development cut its global growth forecast to 3% in 2022, from 4.5% previously, as it forecast 2023 growth to slow further to 2.8%. The OECD’s revised projection is a touch ahead of the World Bank’s 2.9% growth estimate that was released Tuesday. “The invasion of Ukraine, along with shutdowns in major cities and ports in China due to the zero-COVID policy, has generated a new set of adverse shocks,” the Paris-based group said.

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