The Organisation for Economic Co-operation and Development said the global growth is set to slow sharply this year than previously forecast as the war in Ukraine triggered a cost-of-living crisis and the zero-COVID policy of China added to supply chain disruptions.
The global economy will expand 3.0 percent in 2022, which is sharply slower than the 4.5 percent projected in December, OECD said in its latest economic outlook, released Wednesday. The growth rate is seen at 2.75 percent in 2023.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.