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## OECD Raises 2023 Global Growth Outlook, Cuts for 2024

The Organisation for Economic Cooperation and Development (OECD) has raised its global growth projection for 2023, but lowered it for 2024. The forecast indicates that a stronger-than-expected US economy is currently helping to mitigate the global economic slowdown, while a weakening Chinese economy is likely to have a more significant negative impact in the coming years.

### Global GDP Growth Expectations

After expanding by 3.3% in 2022, global gross domestic product (GDP) growth is expected to slow down to 3.0% this year, according to the OECD. This update comes from their latest forecast for major economies.

However, although this projection was an upgrade from the OECD’s June outlook of 2.7%, it anticipates a further slowdown in global growth to 2.7% in 2024. This is a downward revision from the previous estimate of 2.9% in June.

### Impact of US and Chinese Economies

The OECD now expects the US economy to grow by 2.2% this year, surpassing its previous forecast of 1.6% in June. This improvement reflects the resilience of US growth amidst a series of interest rate hikes. However, the US economy is anticipated to slow down to 1.3% next year, although this figure is an improvement from the initial projection of 1.0% for 2024 in June.

On the other hand, the Chinese economy is expected to experience a decline in growth from 5.1% this year to 4.6% next year. The OECD attributes this slowdown to fading momentum from the end of COVID restrictions and struggles in the property market. These figures represent a revision from the June forecast of 5.4% growth this year and 5.1% growth next year.

### Euro Zone Outlook

The euro zone’s growth outlook for this year has been downgraded by the OECD, from 0.9% in June to just 0.6%. However, the organization anticipates a rebound next year, with growth projected at 1.1%. This figure is lower than the previous forecast of 1.5% in June. The resurgence in growth is expected to be driven by Germany’s recovery from recession.

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