OECD: Global economic growth will remain weak

Berlin-Sana

The Organization for Economic Cooperation and Development lowered its forecast for annual growth in global gross domestic product from 2.8 percent to 2.2 percent.

"Global growth will remain weak in the second half of this year before slowing in 2023 to an annual rate of 2.2 percent," said a report published by the organization today on its website.

Inflation pressures are becoming more prevalent due to rising energy and transportation prices, the organization said, noting that Germany will become the first major European economy to face a recession next year with a 0.7 percent drop in gross domestic product, while its neighbors will be able to avoid this scenario.

The organization pointed out that economic growth in France is expected to reach 0.6 percent, in Italy 0.4 percent and in Spain 1.5 percent.

The Organization for Economic Cooperation and Development also revised its forecast for Russia that Russia's gross domestic product will fall by 5.5 percent this year, not by 10 percent, as experts previously reported.

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