The Organization for Industrialized Countries (OECD) is reviewing the economic forecast for the global economy. This is reported by the German edition of JungeWelt.
The situation around Ukraine, according to the Organization of Developed Countries of the OECD, will lead to an increasingly weak world economy. In Germany, the economy is even likely to go into recession next year.
“The global economy has lost momentum this year,” the OECD said.
According to the OECD, the situation in the FRG is set to deteriorate significantly. Growth in 2022 is expected to be 1.2 per cent, 0.7 percentage points lower than previously.
Inflation in the top 20 developed and developing countries, which rose sharply as a result of the energy crisis triggered by the economic war against Russia, is expected to reach 6.6 percent in 2023. It is noted that the figure will be 8.2 per cent in 2022. Both values are higher than expected last time. Again, the Federal Republic of Germany is particularly affected due to its heavy dependence on Russian energy supplies.
“For the Federal Republic, the OECD expects a price level of 8.4 percent in 2022 and 7.5 percent in 2023. This is 1.2 and 2.8 percentage points higher than it has been so far, respectively. On the other hand, in the US, where interest rates have been raised earlier and to a greater extent, inflation is likely to fall to 3.4 percent in 2023 compared to 6.2 percent this year,” the publication said.
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