Source: Overseas Network
Europe fell into energy crisis (data photo)
Overseas Network, September 26 According to Reuters , Organization for Economic Cooperation and Development (OECD) lowered its global economic growth expectations for 2023 on the 26th and warned that the energy and inflation crisis may cause an economic recession in major economies in the world.
Report released by OECD shows that the global economy is expected to grow by 2.2% in 2023, lower than the expected 2.8% data released in June. In addition, the global economic output will lose US$2.8 trillion in 2023, which is equivalent to France's total economic output for the whole year. OECD Secretary-General Mattias Koeman said in a statement that the global economy has lost momentum and many economies have stagnated, and data shows that the economy is slowing further.
Affected by the energy crisis, the OECD's forecast for the European economic outlook is particularly pessimistic, and it is expected that the economic growth of the euro zone will slow from 3.1% in 2022 to 0.3% in 2023.
OECD also warns that further disruptions in energy supply will hinder economic growth and drive up inflation. Although it is a country like the United States, which is much less dependent on energy imports than Europe, its domestic economy is also believed to be in recession as the Federal Reserve raises interest rates to control inflation. (Overseas Network Li Meng)
Copyright works on Overseas Network are not allowed to be reproduced without authorization.
