OECD Says The Global Slowdown Will Hit Different Countries Unevenly

The OECD said the global slowdown was hitting economies unevenly, with Europe bearing the brunt, but the world should avoid an outright recession next year https://t.co/ceqE2enui4 pic.twitter.com/NFqdqKhBOv

— Reuters (@Reuters) November 22, 2022

Reuters: Europe to be hit hardest in global slowdown -OECD 

* Europe is set to take the brunt of a global slowdown next year. 

* But the world should avoid an outright recession. 

* That’s according to new estimates from the OECD. 

* Organisation boss Mathias Cormann says there are just too many headwinds: 

"It is sadly a statement of the obvious that the global economy continues to face significant challenges. Russia's unprovoked, unjustifiable and illegal war of aggression continues to rage. Global growth is slowing down. It continues to slow down and confidence has weakened. Inflation has become broad based and persistent, and in response central banks have been raising policy rates and global financial conditions have tightened significantly." 

The OECD says the euro zone will grow just 0.5% next year. Regional powerhouse Germany is expected to do even worse, with a contraction of 0.3% forecast. Outside the euro zone, the UK is set to do worse still.  

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WNU Editor: The OECD report is here .... Russia’s war of aggression against Ukraine continues to create serious headwinds for global economy, OECD says (OECD).

 OECD Says The Global Slowdown Will Hit Different Countries Unevenly  

UK economy to be worst hit of all G7 nations, OECD report says -- SKY News  

UK 'will be worst-performing economy in the G20 apart from Russia next year' -- Daily Mail  

Ukraine war continues to slow global growth, new report says -- Boston Globe  

World economy to grow 3.1% this year, down from 5.9% : OECD -- Al Jazeera

OECD Projects Worst Global Recession In Almost 100 Years

Business Insider: The OECD said coronavirus has triggered the worst global recession in almost 100 years - and laid out 2 scenarios for its impact on the world economy

* The OECD said COVID-19 has "triggered the most severe recession in nearly a century."
* The organization laid out two scenarios facing the global economy: one if a second wave of COVID-19 is avoided, and one where a second wave hits the global economy.
* World economic output will fall by 7.6% this year if a second wave happens, and 6% without a second wave, it said.
* GDP in the US will fall by 8.5% this year with a second wave, and 7.3% in the absence of a second wave.

The COVID-19 pandemic has triggered the "most severe recession in nearly a century," the Organization for Economic Co-operation and Development warned on Wednesday as it released two scenarios for how the virus could develop and impact global markets.

The OECD said in Wednesday: "With little prospect of a vaccine becoming widely available this year, and faced with unprecedented uncertainty, the OECD has taken the unusual step of presenting two equally likely scenarios - one in which the virus is brought under control, and one in which a second global outbreak hits before the end of 2020."

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More News On The OECD Projecting The Worst Global Recession In Almost 100 Years

Economic impact of the coronavirus crisis is ‘dire everywhere,’ OECD says -- CNBC
New outlook projects worst global recession in almost 100 years -- UPI
COVID-19 economic impact will be 'unprecedented and long-lasting', OECD warns -- Euronews
This is the worst peacetime recession in 100 years, OECD says -- CNN
Global Economy Facing Deep Recession, Long Painful Recovery: OECD -- IBTimes
Second coronavirus outbreak could trigger severe economic pain, OECD says -- FOX News
Second wave of coronavirus could cripple economic recovery, group warns -- NYPost

OECD Sees Gobal 2020 Growth At 2.9% From 3.0%

Reuters: OECD sees global growth at decade-low, blames governments' indecision

PARIS (Reuters) - The global economy is growing at the slowest pace since the financial crisis as governments leave it to central banks to revive investment, the OECD said on Thursday in an update of its forecasts.

The world economy is projected to grow by a decade-low 2.9% this year and next, the Organisation for Economic Cooperation and Development said in its Economic Outlook, trimming its 2020 forecast from an estimate of 3.0% in September.

Offering meager consolation, the Paris-based policy forum forecast growth would edge up to 3.0% in 2021, but only if a myriad of risks ranging from trade wars to an unexpectedly sharp Chinese slowdown is contained.

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WNU Editor: The OECD's report is here .... Economic Outlook: Weak trade and investment threaten long-term growth (OECD).

More News On The OECD

New warning on global economic slowdown -- BBC
OECD trims global 2020 growth forecast to 2.9% from 3.0% -- CGTN
OECD sounds alarm on deep-seated threats to global economy -- Al Jazeera/Bloomberg
OECD Sees Global Growth At Decade-Low As WTO Warns Of "Doomsday Scenario" -- Zero Hedge
The World May Have a Bigger Problem Than a Potential Recession -- William Horobin, Bloomberg