The Economic Cooperation Organization raises its forecast for global growth in 2023
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As for inflation, the Economic Cooperation Organization expected it to decline in many countries, reaching 5.9 percent in the Group of Twenty instead of 6 percent in previous expectations..
On the other hand, it raised its forecast for core inflation growth, which excludes the prices of volatile commodities such as energy and food, to 4 percent in the advanced economies of the Group of Twenty, compared to 3.8 percent previously forecast..
The Economic Cooperation Organization expected the US economy to grow by 1.5 percent this year, after it had expected a growth of 0.5 percent. It raised its forecast for core inflation in the world’s largest economy to 3.9 percent from 3.6 percent.
In the euro area, the organization expected the economy to grow at a rate of 0.8 percent instead of 0.5 percent, and raised its forecast for core inflation to 5.2 percent, compared to 4.7 percent..
In Britain, the organization expected the economy to contract by 0.2 percent this year, followed by a weak recovery next year at 0.9 percent..
The organization also expected that the Russian economy would contract by 2.5 percent in 2023, and another 0.5 percent in 2024, which would widen the recession that the economy has been suffering from since the Ukrainian war..
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The organization also raised its growth forecast for next year to 2.9 percent instead of 2.7 percent previously forecast.
As for inflation, the Economic Cooperation Organization expected it to decline in many countries, reaching 5.9 percent in the Group of Twenty instead of 6 percent in previous expectations..
On the other hand, it raised its forecast for core inflation growth, which excludes the prices of volatile commodities such as energy and food, to 4 percent in the advanced economies of the Group of Twenty, compared to 3.8 percent previously forecast..
The Economic Cooperation Organization expected the US economy to grow by 1.5 percent this year, after it had expected a growth of 0.5 percent. It raised its forecast for core inflation in the world’s largest economy to 3.9 percent from 3.6 percent.
In the euro area, the organization expected the economy to grow at a rate of 0.8 percent instead of 0.5 percent, and raised its forecast for core inflation to 5.2 percent, compared to 4.7 percent..
In Britain, the organization expected the economy to contract by 0.2 percent this year, followed by a weak recovery next year at 0.9 percent..
The organization also expected that the Russian economy would contract by 2.5 percent in 2023, and another 0.5 percent in 2024, which would widen the recession that the economy has been suffering from since the Ukrainian war..
