OECD upgrades global growth forecast to 2.7% for 2023

The Organization for Economic Cooperation and Development on Wednesday revised its growth outlook for the world economy higher by 0.1 percent to 2.7 percent in 2023, citing easing inflationary pressures and the reopening of China.

The Paris-based organization was more upbeat than three months ago about growth prospects for the United States, China and the euro zone. But it downgraded again the outlook for Japan to 1.3 percent growth from the 1.4 percent projected earlier, reflecting slackening overseas demand.

Despite the upgrade, the OECD said the projected growth rate will be well below the ...