OECD Revises Down 2024 Global Economic Growth Forecast


Tokyo, Sept. 19 (Jiji Press)--The Organization for Economic Cooperation and Development on Tuesday announced a downward revision to its global economic forecast for 2024, citing interest rate hikes in major economies to tackle inflation and a Chinese economic slowdown.

In its latest Economic Outlook report, the OECD said the world economy is expected to expand 2.7 pct in 2024, down 0.2 percentage point from its projection as of June. Meanwhile, the OECD raised its 2023 global growth forecast to 3.0 pct.

The OECD lowered its 2024 forecast for China by 0.5 point to 4.6 pct growth due chiefly to its real estate woes and deterioration in business sentiment among consumers.

The 2023 growth forecast for Japan was raised by 0.5 point to 1.8 pct.

"Japan is the only advanced economy in the G-20 without any increase in policy interest rates so far," the OECD said, referring to the Group of 20 advanced and emerging economies.

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